Budget 2024: Experts Discuss Its Role as a Catalyst for India's Economic Growth| Expert Talk

3 months ago

In this video, we dive into expert reactions to the Union Budget 2024 and its potential impact on India's path to becoming a $5 trillion economy. Hear from key industry figures like Hero MotoCorp's Chairman Pawan Munjal, CII President Sanjiv Puri, and Council for Leather Exports' Motilal Sethi as they discuss the budget's focus on eastern development, startups, employment generation, and reforms. Discover how these elements are seen as catalysts for economic growth and investment, and understand the broader implications for India's economic trajectory.

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Transcript

00:00When we talk about any budget, not just this budget, any budget, the expectations are high.

00:07And at times, you know, once the budget is delivered, we have many a time seen that we

00:12are very quick to say either it's a populist budget, or it's a prudent budget, or this

00:17is a tight budget.

00:19When it comes to the expanse of India, what do you perceive with the changing times with

00:25India marching ahead to become the third largest economy, there is a set of five trillion economy

00:32target also for the country.

00:34Do you believe that we are on the right path and the budget, the budgetary allocation to

00:39different sectors is also in sync with that that bigger picture?

00:44No, so far, the government is on the right track.

00:50Now we have to see, wait and see, what are the proposals the finance minister will make

00:56when she presents the budget at 11 o'clock.

01:02But as a sense of keeping in view the country's target of emerging as the five trillion economy,

01:10and also their ambition of reaching, I mean, becoming the third largest economy in the

01:16next couple of years.

01:18There are many reforms measures are expected, because especially, I mean, whatever the measures

01:25the government has done, they are on the right track.

01:28But still, some of the things have to be done, especially in the context of agriculture reform,

01:35which they tried, and because of whatever the reason, whether it is political or because

01:42of the security reasons, the government had to back out from that.

01:47The prime minister was very frank when he said that I could not convince a small section

01:53of the farmers, but otherwise, that is very much recommended.

01:57Even in the economic survey, I think they are diplomatic, because they pointed out the

02:03problems, like when they point out that the food inflation is one of the major challenges

02:09we have to face.

02:11And in that context, they rightly pointed out that during the storage facilities, or

02:17the improvement of the supply chain, all these things are rightly mentioned.

02:23But they avoided mentioning what are the corrective measures are required, because whichever the

02:29government, we used to criticise that there is always a gap between the economic survey

02:34and the budget, because at least as far as the economic survey is concerned, the government

02:40whichever the government that may be, they come out with the prescriptive measures, though

02:46they will not be able to implement it when they present the budget.

02:50So here also, when they mentioned, I mean, it is a diagnostic, when they pointed out

02:55that the problems the agriculture sector is facing, on the constant committee, we have

03:00been, I mean, we have to face the food inflation, which will be a threat, which was pointed

03:05out even by the RBI also.

03:07That is why they are hesitating to cut down the reform rate, mainly keeping in view the

03:13expected food inflation.

03:16So, at least from the economic survey point of view, they could have mentioned that agriculture

03:25reform is called for, at least it could have led to the debate among the experts as well

03:32as the policy makers.

03:35It is a political decision for the government to take, to call on that, but I expect that

03:41at least the government intend to do it, but keeping in view the present, what they call

03:47the strength of the government, we have to see, but had it been the majority government

03:53like last two terms, I was quite sure that at least during the third term, you would

03:58go ahead in implementing.

04:00But now we have to wait and see with them.

04:03And there are also other reforms measures like land acquisition.

04:07We have been giving a lot of encouragement to the manufacturers and the investors are

04:13encouraged, but when it comes to transmit this policy intentions into the action, ultimately,

04:21the investors, whether it is a public investment or even the private investors, without the

04:28land, how do you invest?

04:31You require the land, but the acquisition of the land is not that easy, especially after

04:37the land acquisition act of 2013, which I feel it is a panic reaction by the then government

04:45against the agitation going on at the different parts of the country because of the quality

04:51implementation of the special economic zone.

04:55So, that is also another issue though Modi government tried to amend that in the beginning.

05:02Right, right, Mr. Jagdish.

Budget 2024: Experts Discuss Its Role as a Catalyst for India's Economic Growth| Expert Talk

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