‘The digitisation of the economy is not about convenience alone. Rather, it is about efficiency, productivity, formalisation and financial inclusion”: Dr. V. Anantha Nageswaran, Chief Economic Advisor to the Government of India’
June 10, 2023: The Chamber organised an Exclusive Session on ‘The Decade of India’s Growth and Prosperity … the beginning’ with Guest-in-Chief Dr. V. Anantha Nageswaran, Chief Economic Advisor to the Government of India and Guest of Honour Shri Raman Chopra, IRS, Joint Secretary (Tax Policy and Legislation-II), Central Board of Direct Taxes, Ministry of Finance, Government of India. The Session, powered by Shree Cement Limited, was held at The Grand Oberoi, Kolkata.
“Capacity utilisation outlook looks robust for most industrialists. External Sector seems stable despite headwinds, there are prominent signs of recovery in rural demand and the investment activity remains steady. I feel that the youth of India will go on to prove themselves as a Demographic Dividend for the country. The vision for Amrit Kaal announced by the Government of India, is all set to harness a technology- intensive and financially strong environment to produce positive results that would be reaped by all sections of the society”, said Dr. V. Anantha Nageswaran, Chief Economic Advisor, Government of India.
Dr. Nageswaran stated that the investment and consumer momentum of India will underpin its solid growth prospects over the upcoming year. In this regard, the banking system, backed by adequate capitalization, has been playing strong supportive role, he added.
Dr. Nageswaran opined that the private sector is poised to attain stronger investment growth driven by the strengthening of corporate and bank balance sheets. Private consumption for both urban and rural sectors has increased significantly with increased capital formation. This momentum is being backed by the strong capital expenditure push by the Government. In this regard, he pointed out that the ratio between capital and revenue expenditure has been steadily increasing, as a result of the continued emphasis on capital expenditure over the past Budgets.
Speaking on the country’s employment scenario, Dr. Nageswaran pointed out that from a steep 20 per cent level, unemployment in India has now dropped down to 6.8 per cent. Besides, the level of job security has also improved, reflected by the steady rise in net EPFO subscription, observed Dr. Nageswaran.
“The Government of India is determined to ensure Ease of Business for all entrepreneurs and Voluntary Compliance. There have been heartening inroads in the latter case while the former is a constant work in progress with inputs welcome from relevant sectors”, said Shri Raman Chopra, IRS, Joint Secretary (TPL -II), Central Board of Direct Taxes.
Shri Raman Chopra observed that the economic development of India is driven by strong Government policies that are principally focused on the judicial spending of the revenue generated. The dual focus on expenditure and revenue is directed towards the growth and prosperity of the nation, he added.
Shri Chopra felt that it is a matter of great pride that the Government’s revenue collection has reached its highest level of buoyancy, backed by the Government’s non-intrusive and voluntary tax compliance initiatives. Reporting of transactions by designated third parties like financial institutions have helped improve the Government’s tax revenue over the years, added Shri Chopra.
Earlier in his Welcome Address, Shri Rajkumar Agrawal, Vice-President of the Chamber observed that amongst the numerous factors that have contributed to India’s economic prosperity, priority on infrastructure development is the most important, followed by simplification of tax administration and schemes like PLI and friendshoring.
Shri H. M. Bangur, former President of the Chamber and Chairman, Shree Cement Limited strongly felt that India’s goal to achieve world class manufacturing and its transition to a lower carbon pathway demand greater investment in new edge technology supported by strong policy initiatives. Shri Bangur was confident that with the able leadership of the team of Government Ministries, India’s future is indeed secured.
