Economic Survey pragmatic and forward looking: PHD Chamber

Economic Survey pragmatic and forward looking: PHD Chamber

Economic Survey pragmatic and forward looking: PHD Chamber

No.PR-147

January 29, 2018

New Delhi

Economic Survey pragmatic and forward looking: PHD Chamber

While appreciating the inspiring growth numbers for the coming FY2018-19 at 7-7.5%, Mr. Anil Khaitan, President, PHD Chamber of Commerce and Industry said that the focus of the government in the medium term on employment, education and agriculture is encouraging and would foster a sustainable economic environment, going forward.

We are happy to know that India is rated as the best performing country in the world with an average growth four percentage points higher than global growth and three percentage points higher than growth of emerging market and developing economies, said Mr. Khaitan.

The agenda for the next year is inspiring as it includes stabilizing the GST, completing the Twin Balance Sheet actions, privatizing Air India and staving off threats to macro-economic stability, added Mr. Khaitan.

The increase in the number of indirect tax payers (to the tune of 50%) as highlighted by the Economic Survey is encouraging and would go a long way to increase India’s tax base and an improvement in India’s tax to GDP ratio to the level of other emerging markets, he said.

The improvement in 14 out of 17 indicators of women’s agency, attitudes and outcomes is heartening to know and reasserts our belief in improvement in gender equality in the times to come, said Mr. Anil Khaitan.

We appreciate that the government is investing massively on building infrastructure to support India’s long term growth which is imperative to support growth of the manufacturing sector, going forward, he said. We are proud that the Indian Logistics Industry is worth USD 160 bn and provides employment to more than 22 million people, he added.

We believe agriculture sector needs a greater transformation to improve livelihoods of the farmers and to achieve food security. Consequently, the focus of the Economic Survey on agri R&D is also exhilarating as it is the need of the hour to sustain agricultural productivity growth in the long run, said Mr. Khaitan.

We are pleased to know that India has strengthened its response to the threat of climate change in accordance with the principles of equity and common but differentiated responsibilities and in light of national circumstances with the ‘Paris Pledge’ to reduce the emission intensity of GDP by around 35% over 2005 levels by the year 2030, he said.

It is inspiring to know that the government is committed to achieve the Sustainable Development Goal (SDG-4) for education and has attained significant progress in universalizing primary education, with sustainable improvement in enrolment and completion rates of education of children, he added.

We appreciate achievements of the government in improving the sanitation coverage in rural India substantially from 39% in 2014 to 76% in January 2018 which would go a long way to foster rural development in the coming times, said Mr. Khaitan.

It is also heartening to know that demonetisation has enhanced the share of financial savings in the economy, he said.

The Economic Survey observes that the external sector of India continues to be resilient and strong in 2017-18 and the balance of payment situation has been benign and comfortable since 2013, added Mr. Khaitan.

The Economic Survey rightly points out that India needs to be a net producer of knowledge to lay foundation of scientific knowledge to address some of the most pressing development challenges to the economy in the coming times, said Mr. Khaitan.

Going ahead, there is a need to focus on rapid improvement of human capital and agricultural productivity to sustain growth trajectory, said Mr. Anil Khaitan.

Ends.

Koteshwar Prasad Dobhal

Consultant (PR)