Business magnate Kumar Mangalam Birla has high hopes from infrastructure and said that the government must invest in it to propel not only economic growth to 8-10% but also to create jobs. Developing infrastructure will not only sustain growth but it is also important from the point of view of generating employment “and the whole virtuoso cycle that goes with that,” the chairman of the Aditya Birla Group said in an interview to CNBC TV18. In its manifesto, BJP has said that it will invest Rs 100 trillion in building infrastructure in its five years tenure. For an economy to grow intrinsically, it needs investment in infrastructure, said Birla. This includes not only building physical infrastructures such as bridges and roads but also soft infrastructures such as health and education.
Kumar Mangalam Birla talked about the industry expectations from the budget and also about the needs of the Indian economy today. With the BJP back in power with an even bigger mandate, there is not a better time to expect reforms than now, the industrialist said. The government has done a lot on the ease of doing business, it is now time for the state government to follow suit, he added. Further, the centre and the state government can bring in reforms and measures on the ease of doing business by working together, the billionaire industrialist said.
The recently released PLFS report by NSSO has revealed that the job situation in the country is bleak with the employment down to four decades low. Many experts, columnists and economists have said that the top priority for Modi 2.0 remains job creation. The government had released the official PLFS report after its victory in the Lok Sabha elections. The report was leaked in the media sometime before the official release.