The Budget has made an effort for employment generation in the country in form of packages for the leather and footwear industries, incentives for MSMEs and electronics, Niti Aayog’s vice-chairman Arvind Panagariya said.
Speaking at the CNBC-TV18 and Mint Budget Verdict Conclave, Panagariya assured that the government will work on labor reforms further next year.
“India needs to become far more competitive state,” said Amitabh Kant, CREO of Niti Aayog. The country needs to push for exports aggressively. India needs its textiles, exports, compact cars penetrate European market and it is better to compromise on sectors like wine and dairy.
Kant further said that Make in India has bought ease of doing business in forefront. “It is important to rank states on basis of performance – put it in public domain and name and shame the states (to make them work),” he said.
Speaking on the government’s expenditure, Panagariya said that there is a “need to rejig on how government spends.”
The Finance Ministry and Deepam committee is looking into divestment process and the first one might happen in first quarter of next fiscal. The government must also look at the public health sector where it currently is doing poorly.
Kant said that private sector investment as well as re-capitalisation should be the focus areas now.
FRMB Review Committee’s chairman NK Singh said that the strategy for agriculture and banking reforms must be the key areas.
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