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Infrastructure sector veteran Vinayak Chatterjee told Moneycontrol in an interview that the government is changing its infrastructure investment strategy from a top-down to a bottom-up approach. He flagged apprehensions that the new strategy may take time to play out.
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The full budget is sure to have higher allocations for infrastructure spending, even going up to 40 percent. A higher fiscal deficit may not be a bad thing, provided there is nation building happening, says Chatterjee.
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Lauding the initiative, the storied investor and founder and managing trustee of The Infravision Foundation said that we also need to focus on aerotropolises and air shipments for transporting high value goods like gems and jewellery, pharmaceuticals, etc.
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The government‘s targets for completion of road projects have come under a flak from road sector experts with Feedback Infrastructure Chairman Vinayak Chatterjee and MEP Infrastructure Managing Director Jayant Mhaiskar terming the targets as overambitious.
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"Right now there is a downplay of sentiment on PPP and public expenditure on infra ... There is huge stuck liquidity with government... Good guesstimate today is it ranges from a figure of Rs 75,000 crore to Rs 1.25 lakh crore," Chairman, CII National Committee on Infrastructure & PPP, Vinayak Chatterjee said.
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In a panel discussion on CNBC-TV18, Kiran Mazumdar Shaw, CMD of Biocon said that the Finance Minister has made right investments in farming and drafted a reasonable Budget focusing on rural prosperity.
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The government has, though, tried to expand the tax space, gone in for simplification in tax laws, emphasized on tax dispute resolution and come out with ways to benefit the lower income groups, says Rajiv Memani, Chairman of India Region, EY.
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In an interview with CNBC-TV18 he said that PPP model needs to be revitalized and the government should hire an independent regulator for roads.
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"Nobody would have thought that despite the Narendra Modi government being power and commodity prices falling, FIIs would flee the market and DIIs would buy," says Raamdeo Agrawal of Motilal Oswal Financial Services
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Sources say the order will ensure compensation for land acquired under 13 Acts and will safeguard the rehabilitation of land owners.
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There is anecdotal evidence that the stock of stalled projects is declining but there is no hard data on the quantum of decline and the government needs be transparent on that, says Vinayak Chatterjee, Chairman, Feedback Infra.
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According to a poll, the government still enjoys high approval ratings from corporate India. The two areas where there is clearly some displeasure include maiden Budget and a continuation of tax uncertainty.
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Adi Godrej, chairman, Godrej Industries is confident that the constitutional amendment to goods and services tax (GST) will be passed in this Budget session. He expects FY16 GDP to be around 8.4-8.5 percent.
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Chatterjee does not see things in the power sector getting better anytime soon despite the reforms proposed by the government
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Anil Swarup, Additional Secretary, Cabinet Committee on Investments said the emphasis is now on improving the processes.
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According to Chatterjee, the SC ruling is only one more impetus to clean up the system. The apex court has been cautious enough in not deallocating coal blocks and will take the decision on September 1, he adds.
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MS Unnikrishnan feels the new government should bring policy-conducive environment to ease land acquisition. There‘s a need to cut down on the number of clearances for projects and interest rates should be lowered to prop up the investment climate.
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Opinion polls at this point in time seem to suggest that it is likely to be a BJP led NDA government, but a lot can change in politics in 24 hours and we have still got sometime before the elections kickstarts.
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According to Vinayak Chatterjee, thermal power has seen maximum number of policy reforms in the last 18 months and so, the worst seems to be behind for it.
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Vinayak Chatterjee, Chairman, Feedback Infra says there are quite a few reasons why the power sector will do well, going ahead. Apart from that he does not think orders have dried up for the core sector.
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In an interview to CNBC-TV18 Vinayak Chatterjee, Chairman, Feedback Infra spoke about CCI clearing 36 infra projects.
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Vinayak Chatterjee, chairman, Feedback Infrastructure expects the government to hike the prices of gas in the range of USD 6.5-8.5/ mmbtu.
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Vinayak Chatterjee, chairman, Feedback Infrastructure, says that P Chidambaram, Union finance minister, GoI, has highlighted the need to unclog stalled projects to boost the infrastructure environment and improve the investment sentiments.
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Vinayak Chatterjee, chairman, Feedback Infrastructure says the infra sector is expected to be government‘s priority in this Budget and the key expectation is the removal of the infrastrcuture sector from the ambit of MAT.
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The first meeting of the newly formed Cabinet Committee of Investments (CCI) was held a few days back to discuss on various issues. Vinayak Chatterjee, chairman, Feedback Infrastructure seemed to be very disappointed with the outcome of the first meeting.
