Focus on employment creation, higher spending on infrastructure even at the cost of fiscal slippage and well coordinated policies for agricultural sector are some of the key demands of industrialists for the upcoming Budget.
Participating in a panel discussion at a book launch, TVS Group chairman Venu Srinivasan sought more focus on job creation in Budget. Ajay S Shriram, chairman and senior managing director, DCM Shriram, urged the Centre to focus on agriculture sector, while Hero Enterprise chairman Sunil Kant Munjal stressed on enhancing spending on infrastructure.
“One of the most important issues is job creation …the most fundamental drive has to be growth with jobs,” Srinivasan said.
Shriram urged the Centre to focus on agriculture. “I hope that in this Budget, there should be a focus towards taking care of agriculture sector … which is suffering a lot somehow, the policies are not moving in terms of governance in terms of coordinating with the states. I think a GST-type body is required to get all agri ministers involved to take joint decisions for implementation …,” he said.
Munjal said he would like the government to spend more on infrastructure. “I would like to see a slippage in the fisc (fiscal deficit) and that slippage going towards seriously benefitting infrastructure sector,” he noted.
The three corporate leaders were speaking at the launch of the book ‘The Making of Hero’, written by Sunil Kant Munjal. The book was released by former prime minister Manmohan Singh at an event organised by Confederation of Indian Industry and Harper Collins. The Union Budget for 2020-21 will be presented on February 1.
When asked about the possibility of inheritance tax in the coming Budget, all three spoke against such a levy. Shriram said having an inheritance tax will not help the economy and might yield some money but will dampen the sentiment. Munjal said that to be able to “continue to build … jobs we need much more entrepreneurship than what we have today. So anything that dampens the entrepreneurship is not a good idea”. Srinivasan, meanwhile, said that entrepreneurs are welcome in many countries. “Why should one create wealth in country which has such taxation … there’s also a free market for human resources,” he said.
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