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  3. New government must focus on fiscal deficit, GST to boost economic growth: Ahluwalia

New government must focus on fiscal deficit, GST to boost economic growth: Ahluwalia

12 May 2014 Evaluate

Deputy Chairman of Planning Commission, Montek Singh Ahluwalia has stated that rapid implementation of GST and reduction in fiscal deficit should be the thrust areas for the new government which will help Indian economy to achieve 7-7.5 percent growth. Pointing out that few quarters of down-turn is normal in any economic cycle, Ahluwalia asserted that if the new government implements suitable policies then it should be easy for the country to return to the high growth path.

Indian economy’s growth slowed down to a decade low at 4.5 percent in FY13 and 4.6 percent during the first three quarter of FY14. The factors like high interest rate, low investments and slow execution of infrastructure projects have been impacting economy’s growth.

Ahluwalia further stated that the growth of the economy will also depend on the growth of the industry and the sectors like manufacturing and construction, which will have to grow at double digit growth rate. Indian industry has not performed up to expectations when the economy was growing at 8 percent, as the industry sector grew at only 6 percent. He emphasized that the growth of small and medium enterprises in the country is closely linked to the overall well-being of the economy and it is not possible to solve the problems of SMEs except in an environment of general economic growth. Therefore, it has become imperative for the country to boost the industrial sector. During April-February 2013-14 India’s annual industrial output growth declined by 0.1% from a year earlier.

By adding further, Planning Commission Deputy chief also said that new government must retain the system of speedy clearance of big infrastructure projects by the Cabinet Committee on Investment (CCI). Till January 2014, the CCI had cleared around 296 projects with estimated project cost of Rs 6,60,000 crore. The government has set the $1-trillion investment target for the infrastructure sector for the 12th Five Year Plan.

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