In her maiden budget on Friday, Finance Minister Nirmala Sitharaman presented the blueprint to transform India's economy to reach USD 5 trillion by 2025. Speaking on the Budget 2019, CEO of NITI Aayog Amitabh Kant talked about an array of issues in an exclusive interview to Republic TV on July 5.
On being questioned on his sense behind the budget presented by the Finance Minister and whether the target is achievable when it comes to disinvestment, Amitabh Kant said that he believes that the targets set are very much doable owing to a vast range of structural reforms that have already been carried out earlier in the economic structural transformation.
"We are already a $2.7 Trillion Dollar economy, we have grown up 7.5 percent in the last five years, We need to grow at 8 percent in the next five years. And in my mind, it is very much doable. This is doable because a vast range of structural reforms has been earlier been carried out. They slow down the economy for two years, but then they accelerate the3 economy subsequently and I am quite hopeful the measures like GST and IBC will accelerate India's growth. today's budget does a lot in terms of adding liquidity Rs 70,000 crores to the bank," Mr Kant said.
Responding to the question on lack of time-frame given in the Union Budget, he says that Budget is for the current fiscal year. Speaking on transparency across all sectors of the economy, he added this government only believes in transparency, assuring that huge amount of transparency will be witnessed across the board.
On being asked whether 3.3 % fiscal deficit is it achievable in the Budget 2019, he said that it is the right course to take, adding that we should not become fiscally irresponsible.
Speaking on the benefits for the 'Aam Aadmi' in the Union Budget, the CEO of NITI Aayog said that a large number of developmental works have already been started with the large involvement of the NITI Aayog in the process.
"The work has already been cracked before and many of the benefits have been catered to. Whether it is housing or gas connection, NITI Aayog is involved. There's a lot of activities going on the ground," he said.
Later, responding to the hike on price of Gold, he said that "it is important to put your savings into investments or else the economy will not grow", adding that for him, "it was the right thing to do".
Putting forth his opinion on the increased taxation for the "super-rich" in the Union Budget,m Mr Amitabh Kant said that it is the right thing to do, because there is a disparity in the country.
"You need to provide nutrition, education, health, upliftment of the backward districts, somebody needs to pay for this. If you need the country to grow, you and I must sacrifice today for the growth of the country tomorrow," Mr Kant added.
He went onto share the four remarkable things which stood out in the Budget 2019 presented by Finance Minister Nirmala Sitharaman for him: