By The government must find ways to win back the confidence of private investors, experts said today while analysing the Union Budget 2024-25.
The government’s recent financial policies have, unlike in the past three years, suffered erosion in the confidence of the business community, the speakers noted at a session in the city, calling upon authorities to regain it for a stronger economic future.
The event was organised by World Trade Center (WTC) Kochi in collaboration with Infopark along with the Centre of Public Policy Research (CPPR), NASSCOM and South Indian Bank. Titled ‘What Businesses Need to Know’, the discussions were led by CPPR Chairman Dr D. Dhanuraj, South Indian Bank MD and CEO P.R. Sheshadri, NASSCOM Head of Public Policy Ashish Agarwal and Capitaire Managing Partner C.A. Sreejith Kuniyil.
Per-capita income is more important than GDP, Dr Dhanuraj opined. “Mere internship without advanced skills is of no use. The daily income of the lower middle-class must be hiked to Rs 1,000 from Rs 600. This will require more capital investment,” he noted.
Dr Dhanuraj welcomed the reforms being brought about in the agriculture sector, but said the income of the farmers must rise. “However, the budget does not imply the overall policy of the government. It is just a financial statement,” he added.
Seshadri revealed that direct taxes and GST were fetching the government an annual income of Rs 48 lakh-crore. “The administration must improve the standard of living of the citizens. Improved living conditions will lead to the return of expatriate professionals to the country,” he pointed out.
Agarwal said the IT industry was looking forward to simple ways of functioning. “We welcome the incentives for the startups as proposed in the Budget,” he said, adding that the relaxations in corporate taxes were a “step in the right direction”.
Kuniyil said the coming years will witness a total phase-out of income tax. “A good 78 per cent of its payers have resorted to new means,” he pointed out. WTC Kochi Vice President Hrishikesh Nair welcomed the gathering, while Infopark Senior Executive Shwetha Pramod proposed thanks. The event ended with a question-answer session.
