Focus on agriculture will improve Indian economy – ICAI panel discussion

Focus on agriculture will improve Indian economy – ICAI panel discussion

Mangalore Today News Network

Mangalore, Mar 25, 2012: Speaking at a panel discussion on India’s Balance Sheet organized jointly by the Mangalore branch of SIRC of ICAI in collaboration with K. Ganesh Shenoy Memorial Trust of Mangalore, Firoze B. Andhyarujina, the senior counsel of Mumbai High Court, said that India must focus on agriculture to improve its economy. 

Stating that India is an agricultural country basically, he said that the government must focus on ways to improve economy through agriculture and must consider ideas such as exporting surplus agricultural produce. He also stressed on the importance of issues such as food distribution and food storage.

 

Speaking about the positive aspects of this year’s budget, he said that it gives opportunities for the development of infrastructure. Expressing confidence that India can progress with proper channelization of resources and money, he said that Indians are innovative people and that the biggest asset of the country is its people’s patience and knowledge. 

Addressing the gathering, Prof. G. V. Joshi, the professor of economics at the Justice K. S. Hegde Institute of Management, said that the union finance minister admitted in his budget speech that fiscal deficit was increasing. Stating the fiscal deficit is relatively recent, he said that it has risen to 9.9 percent of the gross domestic product, which is much more than the fiscal deficit shown in the state budget. This means that Karnataka looks good economically although its political condition is pathetic, he added. 

The session was moderated by Murali Mohan, the chairman of the Institute of Chartered Accountants of India (ICAI), Mangalore Chapter.