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Public health infrastructure is one area where extra expenditure should go, says NITI Aayog’s Rajiv Kumar

Updated : January 29, 2021 05:22 PM IST

The Economic Survey expects the Indian economy to grow by 11 percent in real GDP terms in FY22, which is the highest rate since independence, following the pandemic-driven contraction of 7.7 percent in the current fiscal. The survey adds that 'a resilient v-shaped recovery is well underway' aided by the vaccination drive.

The economic survey bats for more active, counter cyclical fiscal policies. It says "the fiscal policy must not remain beholden to a noisy, biased measure of India's fundamentals" as it argues that "India's sovereign credit rating doesn't reflect its fundamentals"

Rajiv Kumar, Vice Chairman of NITI Aayog and Dr. Arvind Virmani, Former CEA and Chmn of EGROW Foundation, Niranjan Rajadhyaksha, Research Dir & Sr Fellow at IDFC Institute and Pranjul Bhandari, Chief India Economist at HSBC spoke to CNBC-TV18 to discuss the economic survey further.

Kumar said, “The economic survey is right in saying that there are certain noises, which people pay a lot of credence to which don’t really impact investors sentiment and the growth of the economy and that we don’t need to bother so much about rating agencies etc. We have to look at our own requirements and that requirement today is that we need a strong capital investment push so that we can brighten up the animal spirits in the investment community.”

On where expenditure should go, he said, “One thing that has come out from the pandemic is to strengthen public health infrastructure that will be one area where extra expenditure should go. The other is infrastructure investments especially infrastructure with short gestation period.”

On Development Financial Institution (DFI), Kumar said, “My understanding is we don’t need to create another one, maybe we need to strengthen what we got. There is a need for a financing mechanism for long term assets where we can get also liabilities and people to invest who are long term seekers.”

On privatisation, he said, “I commend the economic survey’s thrust on privatisation and on the government moving out of sectors and giving the space to the private sector because I am a firm believer that economic growth in future will have to be continued or carried on the shoulders of the private investors and a private enterprise.”

On GDP forecast, Dr Virmani said, “I expect double-digit growth next year, I have held to my earlier forecast that the current year would be between minus 5 percent and minus 7.5 percent and I still hold to that.”

To know more, watch this interview.

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