At an exclusive interactive session organized by the Bangalore Chamber of Industry and Commerce (BCIC) this Sunday, Finance Minister Nirmala Sitharaman said that India’s growing and aspiring needs, as well as demands, cannot be only served by Central and State governments. She also emphasized the need for involvement and participation from the private sectors in order to meet these demands.
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Smt. Nirmala Sitharaman at BCIC Gathering
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“While the government should play the role of the facilitator, the private sector ought to be the growth driver of the economy,” she said at the session.
Ms. Sitharaman also spoke about the successful dissemination of COVID vaccines to around 100 countries and highlighted the role played by the private sector in helping project India’s image as a ‘global friend‘.
The Finance Minister also explained how the recently presented Union budget intends to be the provider of directional change for the economy in this post-pandemic world.
“We will eventually control the fiscal deficit and not leave it unattended. Fiscal management is a key focus area for the government,” she added.
View the Full BCIC Exclusive Interactive Session with Smt. Nirmala Sitharaman at: cutt.ly/WlhBhXI
In his opening remarks, Mr. TR Parasuraman, President, BCIC, hailed the Union Budget presented by the FM Nirmala Sitharaman as the “greatest of the decade” and added that every sector is celebrating it. He also said the target of $5 trillion economies by 2025 is no longer a dream as is the intent for the manufacturing sector to contribute 25% to the economy.
Mr. Parasuraman also added that while the fiscal deficit target of 9.5% is challenging, it would help propel India’s growth.
Mr. KR Sekar, Senior Vice-President of BCIC, termed the Budget an “important” one and called it a “milestone“. He said that it is committed to infrastructure spending, education, and health care. “A cultural corridor should be created pan-India to help boost tourism and increase infrastructure spend; profit-linked scheme should also include R&D, Goodwill should not be kept retrospective, and clarity should be given on the reassessment of tax to clarify that only evaders would be punished,” said Sekar regarding BCIC’s post-Budget suggestions.
BCIC Official Website: www.bcic.in.
Mr. Azim Premji [Founder Chairman, Wipro Ltd.]; Mr. Mohandas Pai [Chairman, Manipal Global Education Servi