Expect this budget to be pro people: Sanjay Gupta
Lucknow: Commenting on the economic survey presented, State President of Uttar Pradesh Adarsh Vyapar Mandal and State Chairman of Confederation of All India Traders (CAT), Sanjay Gupta said that the expectation of 7% GDP is a strong development in India based on strong fundamentals. The GDP story is a strong sign but the widening of the current account deficit is a cause for concern and there is hope.
He said that meaningful and appropriate measures will be taken to reduce this deficit in the Union Budget to be presented. Sanjay Gupta said that it seems from the Economic Survey that the Union Budget to be presented will include many support policies for business and industry.
State President of Uttar Pradesh Adarsh Vyapar Mandal Sanjay Gupta said that India’s recovery from the Covid pandemic is commendable which has helped the economy to grow faster on the back of increase in domestic demand and increase in capital expenditure, which is very good as compared to other countries. He said that the slow pace of economic growth across the world has definitely affected India’s exports in the second half of the year 2022.
At a time when most of the countries are facing financial crisis, it needs to be appreciated that the central government has taken necessary steps from time to time to maintain the financial liquidity due to which the Indian economy is moving in the right direction, he pointed out.
However, in the survey, the cost of borrowing is estimated to remain high which is a cause of concern for trade and industry. Although there has been a decline in the urban employment rate, there has been an increase in the Employees Provident Fund registration which is satisfactory. The 63% increase in capital expenditure by the central government has helped in business growth and increased currency liquidity in the market.