Only Private Sector Can Empower Aatmanirbhar Bharat: Chief Economic Advisor

FICCI Flo Kolkata organised an insightful panel discussion on ‘Decoding Budget 2021: Road to 5 Trillion Economy’ with Dr K V Subramanian, Chief Economic Advisor, Govt. of India, where he called it a “far-reaching budget where the focus has been on capital expenditure. India should focus on being self-reliant” and added that “this phase would be remembered as historic”.

Talking about the Aatmanirbhar Bharat and privatisation aspect of the budget, he said “only the private sector can empower Aatmanirbhar Bharat; the private sector is important as it generates more employment opportunities than the government sector.”

On being asked about COVID-19's impact on the Indian economy and his thoughts on reaching the US$ 5 trillion mark, infrastructural, and other targets, he answered, “All the countries have been affected by the unprecedented COVID and are revising their goals, and so does India need to change goals.”

Saying that the income tax is a major contributor to economic growth, he added, “People are getting more aware, and over the years, the number of taxpayers has doubled; this shows the national character. However, maximum tax evasion, or often termed as tax planning, is from self-employed. These things are self-learned and can’t be a part of any school curriculum."

Sharing his thoughts on farm laws, he said, “any sector where a buyer and seller has got more options, they have been benefited, the agriculture sector is no different.”

Ms Sunira Chamaria, Chairperson, FICCI Flo, Kolkata started the event by introducing the key speaker, Dr K V Subramaniam, Chief Economic Advisor, Govt. of India. Mr Subramanian has authored the path-breaking economic Survey that commends ‘Ethical Wealth Creation’ for a prosperous India. Shedding light on the idea of ‘Ethical Wealth Creation’ and how the term is often misinterpreted, he said, “A typical Indian feels that the idea of wealth creation and the private sector are western and will not sync with the Indian system, but in reality, the idea of wealth creation runs in our DNA as Indians.”

Ms. Jahnabi Phookan, National President, FICCI Ladies Organisation attended the event as the Guest of honor, and the panel was moderated by Vikas Goel, co-founder of Cerestra Ventures.

The event concluded with questions from the viewers and Ms. Sunira Chamaria, Chairperson, FICCI Flo Kolkata. She also shared her perspective of the budget by calling it “coming from a place of strength and empowerment which is very heartening.”

Ms Manjri Agarwal, Senior Vice Chairperson, FICCI Flo Kolkata thanked the panel, flo members, event coordinators, lead sponsor Damodar Ropeway and Infra Ltd., and other partners.