While appreciating the inspiring growth numbers for the coming FY2018-19 at 7-7.5%, Anil Khaitan, President, PHD Chamber of Commerce and Industry said that the focus of the government in the medium term on employment, education and agriculture is encouraging and would foster a sustainable economic environment, going forward.
We are happy to know that India is rated as the best performing country in the world with an average growth four percentage points higher than global growth and three percentage points higher than growth of emerging market and developing economies, said Khaitan.
The agenda for the next year is inspiring as it includes stabilising the GST, completing the Twin Balance Sheet actions, privatising Air India and staving off threats to macro-economic stability, added Khaitan.
The increase in the number of indirect tax payers (to the tune of 50%) as highlighted by the Economic Survey is encouraging and would go a long way to increase India’s tax base and an improvement in India’s tax to GDP ratio to the level of other emerging markets, he said.
We believe agriculture sector needs a greater transformation to improve livelihoods of the farmers and to achieve food security. Consequently, the focus of the Economic Survey on agriculture R&D is also exhilarating as it is the need of the hour to sustain agricultural productivity growth in the long run, said Khaitan.
It is inspiring to know that the government is committed to achieve the Sustainable Development Goal (SDG-4) for education and has attained significant progress in universalising primary education, with sustainable improvement in enrolment and completion rates of education of children, he added.
We appreciate achievements of the government in improving the sanitation coverage in rural India substantially from 39% in 2014 to 76% in January 2018 which would go a long way to foster rural development in the coming times, said Khaitan.
Going ahead, there is a need to focus on rapid improvement of human capital and agricultural productivity to sustain growth trajectory, said Anil Khaitan.