We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Promising employment

2 4 0

Addressing the concerns of a chronic economic slowdown warrants a comprehensive fiscal reform approach that is sound on accounting details and has a coherent long-term vision.

Both the Economic Survey and the Union Budget seek to do this. The Survey released on Friday tries to articulate a long-term economic vision by focusing the government’s priority on labour-intensive employment and a greater reliance on reforms in agri-business and export segments.

Spur consumption

The Survey talked about ‘Assemble in India’, a new vision to spur the ‘Make in India’ scheme. The Budget ought to address four key areas to handle a demand-driven slowdown and boost spending among all stakeholders in the economy as a first step towards realising the Survey’s ambitious goals. The need to focus on consumption demand, especially amongst lower- and middle-income groups and, in-turn, to give substantive opportunities to the industrial sector for higher investment and job-creation, is critical, as per the Survey.

Chief Economic Advisor Krishnamurthy Subramanian after the release of the Economic Survey. (Photo: ANI)

The Finance Ministry’s decision to cut corporate tax rate recently hasn’t yielded a positive boost so far to overall industrial production. In sectors like construction, most firms are currently........

© DailyO