Ahead of the Union Budget, Biocon chairperson Kiran Mazumdar Shah on Saturday urged the government to increase the expenditure in infrastructure, healthcare, and education. Giving the analogy of cancer treatment, she opined that the structural causes of the economic slowdown must be addressed. Mazumdar Shaw reaffirmed wealth creation, the theme of this year’s Economic Survey as a key element of the economic immune system.
She noted that fiscal incentives were similar to CART-cells that are engineered immune cells to treat cancer. According to her, they would not alone solve the problem. The leading entrepreneur reckoned that an increase in government investments would help tackle the economic crisis in a much better manner.
Our economic cancer needs immunotherapy not chemotherapy. We need to treat the causality not the symptoms - hope #Budget2020 takes this approach. Wealth creation is a key part of our economic immune system! Waiting eagerly to hear Fin Min @nsitharaman— Kiran Mazumdar Shaw (@kiranshaw) February 1, 2020
Fiscal incentives are like CART-Cells to specifically target the economic cancer. Govt investments in infra, healthcare, education etc are like T-Cells to address the malaise broadly. https://t.co/E34R62pGMj— Kiran Mazumdar Shaw (@kiranshaw) February 1, 2020
In the all-party meeting called by the Parliamentary Affairs Minister before the start of the session, Prime Minister Narendra Modi urged the MPs to keep the focus on economic issues. He said, "We should focus on how we can turn the global scenario in favour of India and in this budget session, and at the beginning of the New Year if we can give a proper direction to the country’s economy, it would be in the best interest of the country."
This year's Budget assumes tremendous significance as the Indian economy is facing multiple challenges such as a rise in inflation, unemployment, farmer distress and a dip in GDP growth. The government has taken inputs from multiple stakeholders. Sitharaman has also announced a series of reform measures in the last few months to give a boost to the economy.
In the Economic Survey 2019-20 tabled on the floor of the Parliament on Friday, the GDP growth for the next fiscal year has been pegged at 6-6.5%. This is much more than the IMF estimate. Union Finance Minister Nirmala Sitharaman will present the Union Budget at 11 am on Saturday.