Budget 2016: IIM Prof Tripati Rao on Arun Jaitley focus area; top 5 key takeaways
Economic Survey 2016. The proportion of economically active population (15-59 years) has increased from 57.7 percent to 63.3 percent during the 1991-2013 period, the Economic Survey for 2015-16 said on Friday. The employment growth in the organised sector (public and private combined) increased by 2 percent in 2012 over 2011, while it increased by only 1 percent in 2011 over 2010, said the survey tabled in parliament by Finance Minister Arun Jaitley. These figures were based on the Sample Registration System data for 2013.
1. Budget 2016 expectations: What should the Union Budget FY17 focus on? This is not the time to reduce fiscal deficit. It’s the time to analyse how well we are mobilising fiscal resources in reinvigorating domestic macro economy, both through consumption demand and investment. FM Arun Jaitley’s focus should be broadly on private investments.
2. Budget 2016 expectations: What should FM Arun Jaitley do for IITs, IIMs and higher education institutes? Higher educational institutes, including IITs and IIMs, have an important role to play not only in imparting appropriate training and skills to the youth, but also for nation-building. So, in the Budget, a lot more emphasis needs to be provided to such institutes.
3. Budget 2016 expectations: What are the areas needing Narendra Modi government’s focus for increasing growth? The government is carrying out a lot of supply-side structural reforms, which include ease of doing business, bringing credibility and operational efficiency. But their effect will be felt only after 2-5 years. The good news is that household global economy is showing signs of recovery.
4. Budget 2016 expectations: What kind of reforms are needed to boost overall economic growth? India has grown both quantitatively and qualitatively in this millennium. But though the economy has become more resilient to external shocks, the competitiveness of Indian industries is still not up to the mark. To make an impact as a major driver of global growth, we need to work on structural reforms. The ship turnover time in Singapore is almost ten times less than in India. That’s the level of difference we need to catch up with. In addition, R&D expenditure of Indian firms is still low. Long-term growth needs in-house innovation rather than borrowing technology. If Make-in-India can bring that change, we will see double-digit growth soon.
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ANALYSIS / EXPERT COMMENTS
- Meghnad Desai
India needs a body like the UK’s Office of Budget Responsibility
- Anita Rastogi
In addition to simplifying the taxation structure, implementation of the GST regime will help eliminate most indirect tax issues
- Nirvikar Singh
Repressive regimes fail to deliver inclusive and substantive economic growth
- Anwar Shirpurwala
Extend duty incentives for mobile phones and tablets to all Information Technology Agreement goods
- Eric Mehta
Will this Budget be an enabler for ‘Make in India’, ‘Make for India’ and, most importantly, ‘Make India’ is something that will soon be answered