Economic Survey for 2017-18 has brought out areas of concern such as rising non-performing assets of the public sector banks and has underlined the need, rightly so,for putting maximum emphasis on creating new jobs, agriculture and education, said ASSOCHAM President Sandeep Jajodia.
He said, the survey as also the President’s address, have raised the issue of agriculture, which is the right approach. All agriculture related or agri-focussed budgets should not be called the populist budgets. After all, farming is the lifeline of the Indian economy, even though its share in the GDP is just about 15 per cent. The rural India provides a great multiplier impact to the GDP and the overall economy. The biggest problem before the farmers is that of market access.
The Survey has brought out the issue of the bad assets of the PSU banks. While the Insolvency resolution mechanism has begun in the right earnest, a big vigil needs to be kept and the banks must be given additional capital at the earliest. Those doing good job should be given incentives. Until the issue of NPA is fixed, the growth may elude us.
As for education and employment generation, the two must go together. The education must involve skill based education which would then translate into job creation.
There is also a need to keep a vigil on the inflation, particularly in the wake of rising fuel prices and the government must remain steadfast on the path of reforms; so what if it is an election year. Good economics can be a good politics as well, Jajodia added.