Union Budget 2012: Will FM save us from going the Greece way?

By SM Lodha, Chairman & Managing Director, Indsur Group

We should have a comprehensive plan to reduce government expenditure. The way it is ballooning, I am sure that it is not far when it would go out of our hand. We should learn lesson from Greece and other countries.

We should broad base and support manufacturing sector that would generate employment and reduce dependence on Imports. For example, we import USD 75 billion worth of goods from China alone. This includes even small to smallest item that can be easily manufactured in India. This does not sound and augers well for a large country like India and its manufacturing sector. Besides it also creates pressure on the balance of payment.

I would also suggest for interest rate reduction that should be gradually brought to the level of China, which is an economic power house and which is a deterrent for export promotion and creating new market and new customers.

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