Budget’s thrust on Infra Will Boost Growth: US Chamber Of Commerce
A Boston-based India-centric chamber of commerce said the increase in healthcare outlay in the latest annual budget will lead India towards a healthier country and the thrust on infrastructure will boost growth and generate jobs.
Karun Rishi, president of the USA India Chamber of Commerce, said, “The finance minister has done a remarkable job in presenting a growth-focussed budget during the unprecedented COVID-19 pandemic-hit circumstances, he said, adding that the budget is transparent and has rationalised the off-balance-sheet borrowings and headlined fiscal deficit numbers. Fiscal deficit is projected to be high, but these are extraordinary times. India has been fiscally prudent compared to other countries at a time of unprecedented economic pressure due to COVID-19. The government has stated a glide path of reducing the fiscal deficit over five years. The deficit comes down to four percent by 2026. Growth has to be aggressively pursued. Sluggish growth can leave open the danger of high debt to GDP ratio.
The finance minister’s proposed Ministry of Corporate Affairs’ MCA 21 portal, driven by data analytics, artificial intelligence and machine learning features as well as having additional modules such as for e-adjudication and compliance management, will bring efficiency and improve ease of doing business in India. Increasing healthcare spending by 137 percent will give a massive boost to India’s health sector. The focus on healthcare with the prime minister’s Aatmanirbhar Swasth Bharat Yojana to strengthen the country’s primary, secondary and tertiary health infrastructure with an outlay of Rs 64,180 crore over six years shows that healthcare capacity building is now a key priority for the government of India.
Announcing the National Research Foundation in the 2019 budget was a ”game-changer”. The additional outlay of Rs 50,000 crore over five years through the foundation will boost research and development in India. This shows the government’s resolve to strengthen the research innovation ecosystem in India, Rishi said.