The GDP will grow between 7 and 7.5 per cent in the second half of this financial year. The government will find additional revenues from disinvestments--- it has a plan to divest stakes in 24 companies to raise Rs 1.3 lakh crore --- and raise the fund to bridge the budget deficit that arised out of corporate tax cut. Rajiv Kumar talked about how we can fix the country’s economy and also accelerate growth at the India Today Conclave Mumbai 2019.
THE TAKEAWAYS
#Indian economy will outpace China's growth as the second quarter performance has started improving and it will be better than the first quarter. The credit growth in the country is improving. The country will see a growth between 7 to 7.5 per cent in the second half of this financial year.
#The corporate tax cut will improve the positive sentiments of the companies. The government's decision was better late than never.
#Consumer confidence rises with growth and investments prospects. Because of economic uncertainties, the household savings have come down and that hurt the consumer sentiments. They have worries about their jobs and income prospects. That will change and government will bring back the confidence through more policy changes.#The Modi-government inherited an economy which was handled badly. It took five years to correct many of the issues. Now the tax and non-tax revenues are rising.
QUOTES:
“Buoyancy in growth will be achieved through tax and disinvestment revenues. Tax collection continues to go up, while the government can raise about RS 52,000 crore from disinvestment of 24 public sector companies that it lined up earlier,” said Rajiv Kumar, Vice Chairman, NITI Aayog.“The GDP growth bottomed out in the first quarter. The second quarter is going to be better than the first quarter. It will rise in the second half in the range of 7-7.5 per cent,” said Rajiv Kumar, Vice Chairman, NITI Aayog.
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