Bengaluru, March 2, 2016: India is on the growth track with the gross domestic product(GDP) likely to touch 8.5% solidified by thorough policy guidelines in the Union Budget, said Former Director of Infosys T V Mohandas Pai on Tuesday.
Moderating an interactive session on the Union Budget 2016-17, organised by the Federation of Karnataka Chamber of Commerce and Industry and ICAI Karnataka Chapter, Pai said India is going through that phase of growth which China witnessed 10 years ago.
“We are confident that this growth momentum will continue for the years to come, and that the Budget has really seeded policy initiatives in this regard. The Chinese economy is sliding as its Gross Debt/GDP is at 260% at present, compared with 67.7% in India.”
Pai said the economic might of OECD countries had been sliding and the growth momentum is shifting to developing countries, and that India will play a pivotal role. Lauding the government’s initiatives like Make in India and Start-up India, Pai said the budgetary support for infrastructure and farming will help change the economic landscape.
“The Budget allocated the National Bank for Agriculture and Rural Development with Rs 20,000-crore irrigation fund via Pradhan Mantri Krishi Sinchayi Yojana scheme. This will irrigate 2.85 million hectares and boost the sagging rural demand and will create new opportunities,” he said.
The Chairman of Manipal Global Education said that in the Budget history of India for the last five years, the finance minister has succeeded higher than the Budget Estimates for receipts and expenditure.
DH News Service
He also pointed out that the NPAs should be brought down by following strict rules to prosecute the defaulters. “Than giving more concessions to industries, financial institutions should come up with policy measures to tackle this. We have to take back those lost money,” he said.