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With Finance Minister Arun Jaitley setting the tone for the upcoming budget by stating that “mindless populism” in policy making needs to be checked, his comments would add to expectations that this government could unveil tough fiscal consolidation measures to revive the sagging economy in his first budget on Thursday, said Arvind Sethi, CEO, Tata Asset Management.
The CEO of Tata Mutual Fund added that the expectations are that the government will use the budget to create an environment conducive to growth.
“The idea will be to drive GDP growth to over 6 per cent in FY16, and further accelerate it to 7-8 per cent in the ensuing years. Higher growth will help create new job opportunities,”' he said.
Manufacturing sector “The NDA Government is likely to initiate meaningful steps to infuse life into the manufacturing sector, both organised and small-scale industries. Steps are expected to trigger growth in many sectors, which include auto and auto ancillaries, consumer durables, electronics, etc,” Sethi said.
He added that there could be various changes to correct anomalies in the import duty structure.
“There are ₹20 trillion worth of projects facing execution issues. The government is looking to accelerate execution of projects by removing the obstacles to kick start economic growth,” Sethi said.
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