Budget 2022 will be a historic budget as it starts preparation for India's AmritKaal: Dr Rajiv Kumar, Vice Chairman, NITI Aayog
Dr Rajiv Kumar, Vice Chairman, NITI Aayog, says the budget 2022 makes it clear that there is a need to work on infrastructure, logistics and education sector among others by the time India marks its 100 years of independence during an exclusive interview with Swati Khandelwal, Zee Business.
Dr Rajiv Kumar, Vice Chairman, NITI Aayog, says the budget 2022 makes it clear that there is a need to work on infrastructure, logistics and education sector among others by the time India marks its 100 years of independence during an exclusive interview with Swati Khandelwal, Zee Business.
Edited Excerpts:
Q: How do you see this budget?
A: From my point of view, this budget will be historic because this talks about India's AmritKaal, which will come in the next 25 years and it will need creation of a new India by when we will celebrate 100 years of our independence.
Preparation for the same has started with this budget. It also makes it clear that there is a need to work on our infrastructure, logistics, education sector, a new type of farming that includes chemical-free farming.
So, we will have to work on all of them.
There is a talk about battery swapping for electric mobility. The budget takes some very important steps has been taken on all these aspects and paid attention to them. This is its goal.
The special thing is that the Government of India is saying that we will move forward and grow rapidly but will grow based on private investment. The government's public capital expenditure will be helpful for it and we are preparing for that.
Q: There were no discussions on employment and concessions related to the income tax, which is expected from the budget every year. How do you see it?
A: As far as the tax rate is concerned, perhaps this figure is not known to the people that the minimum tax rate, the income at which we levy a direct tax, the ratio of that to our average per capita income, in my opinion, is the highest compared to other countries.
So, I think, the thought that the rates should be reduced further or the level should be increased, so that fewer people will come under the bracket, is not right because still, we have to increase the scope of direct tax every year. Because, still our tax to GDP ratio, compared to other countries is quite low, and if remains low then the government will not be able to run whatever schemes it wants to run for the betterment of our people.
Secondly, as far as employment is concerned, the budget focuses on infrastructure and has allocated Rs 7.50 lakh crore for the purpose, which is 35% higher than last year. It will result in the creation of employment opportunities because jobs are created in the creation of the infrastructure.
The convenience that it brings in also creates opportunities. So, the issue of employment will be solved through it. The last thing in it is that an Emergency Credit Line Guarantee Scheme (ECLGS) worth Rs 50,000 crore has been provided for the hospitality sector that includes, hotels, restaurants, dhabas, which was badly impacted by the pandemic.
So, I firmly believe that the credit that will be provided at low rates in this sector will help it and the employment opportunities in the sector will grow again.
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