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Business Standard
2 hours ago
- Business Standard
Par panel pitches for hike in investment rate to achieve 8% growth
A parliamentary panel on Tuesday pitched for raising the investment rate from 31 per cent of the GDP to 35 per cent to achieve the ambitious growth target of 8 per cent. The Standing Committee on Finance also urged the government to maintain sustainable, growth-oriented energy policies that prioritise affordability and efficiency while balancing climate commitments with economic and social objectives. The committee headed by BJP leader Bhartruhari Mahtab also suggested that the Ministry/Central Electricity Authority (CEA) expedite the development of pumped storage projects (PSPs), recognising their critical role in strengthening energy security and reducing import dependency. The panel noted that the investment rate must increase to about 35 per cent of the gross domestic product (GDP) from the current 31 per cent to achieve the ambitious growth target of 8 per cent annually for at least a decade. "Financing this may result in higher levels of current account deficit (CAD), which is challenging under current global circumstances. This emphasises the need for domestic-led growth, for which deregulation is crucial," it said in its report. The committee highlighted the collaborative approach through the deregulation task force chaired by the cabinet secretary. The panel felt that this model of cooperative federalism -- facilitating dialogue with states on best practices in land, labour, capital, and regulatory reforms -- can streamline business processes and foster an investor-friendly environment. It said tailored fiscal reforms may be promoted in highly indebted states to improve their fiscal health while maintaining their capacity to invest in critical infrastructure and social development. With regard to farm sector, the panel said the vast untapped potential of India's agriculture sector as a pivotal driver for inclusive economic growth. "To unlock this potential, the committee emphasises a dual approach: addressing immediate challenges while implementing long-term structural reforms. For short-term stability, the committee observes that the government's strategy such as maintaining buffer stocks; regulating market supplies; and subsidising key food items helps to stabilise food prices and ensure affordable access to essential commodities," the report said. To further enhance agricultural productivity and foster financial inclusion, the committee recommended acceleration of digital initiatives. "This includes digitising land records and implementing the agri-stack, a technological framework designed to link farmers' produce with banking and credit systems. This would facilitate transparent and timely disbursement of crop loans," it said. The panel also urged that these digital tools be expanded nationwide, with local youth being trained to assist in data collection, thereby creating employment opportunities and improving data accuracy. The committee also believed that promoting diversified crop production, strengthening supply chain infrastructure, and encouraging private sector participation in agri-tech innovation are vital steps. These coordinated efforts can effectively mitigate supply-side inflation, sustainably boost farmers' incomes, and transform agriculture into a powerful engine for India's growth, it said. Observing that the current global trade environment, marked by protectionism and geopolitical volatility, presents a significant opportunity for India, the committee believed this situation can be leveraged to pursue the guiding principle of 'Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas' and build an 'Atmanirbhar Bharat'. This path involves exploring new markets while simultaneously strengthening domestic manufacturing. The committee highlighted the need for sound government finances, with an emphasis on improving the quality of expenditure, particularly capital expenditure, and recognise the pivotal role of AI and data for effective governance. The committee also noted that despite positive corporate earnings, investment in people -- through higher wages, reskilling, and mental health support -- is essential for increased productivity. The committee concluded that India's economic roadmap must aim not only for a short-term USD 5 trillion economy but also for sustained, inclusive, and resilient long-term growth. To achieve this vision, the committee recommended a multi-pronged approach that includes strengthening government finances and nurturing growth engines like innovation and skills development. The committee also recommended the establishment of an indigenous, government-owned AI server to address privacy concerns, improve efficiency, and harness data for informed policy-making. The panel further suggested prioritising rural and urban infrastructure and investing in people. This strategy, focused on balanced energy policies, price stability, and robust support for MSMEs and women entrepreneurs, should aim to drive inclusive and sustainable growth for a self-reliant India, it added.
The Hindu
2 hours ago
- The Hindu
KTR finds it convenient to accuse Congress govt., must pose queries to BJP govt. at Centre: Sridhar Babu
Industries and IT Minister D. Sridhar Babu said BRS leader K.T. Rama Rao finds it convenient to hurl baseless accusations against the Telangana government while maintaining silence on BJP's favouritism for projects set up in Gujarat. Stating that Mr. Rao's criticism of Kaynes Semiconductor project shifting from Hyderabad to Gujarat because of the Telangana government's failure is 'nothing but an outrageous lie', Mr. Sridhar Babu said the truth is the BJP-ruled Centre and Gujarat government showered massive subsidies and lured the project. 'KTR knows this very well, but chooses to deliberately mislead people of Telangana with baseless allegations,' the Minister said in a statement on Tuesday. The Centre approved 50% subsidy under the India Semiconductor Mission (ISM) for the Kaynes project being set up in Sanand, Gujarat. Once it was publicised that units established in Gujarat would automatically receive a 50% subsidy, semiconductor industries naturally leaned towards that State. For Kaynes' proposed project with an investment of ₹3,307 crore, 'the Centre offered an extraordinary subsidy of ₹1,654.5 crore. On top of that, the Gujarat government extended another 40% of the central subsidy — amounting to ₹661 crore. Altogether, subsidies covered nearly 70% of the project cost, i.e., about ₹2,314.9 crore,' Mr. Sridhar Babu said. Despite ISM's promise of 50% support across India, the Centre has never shown such generosity towards States other than Gujarat, he said, adding the 'step motherly treatment' is something BJP alone must answer for.
Hindustan Times
4 hours ago
- Hindustan Times
Saradha group owner Sudipta Sen, associate acquitted in 3 Ponzi scheme cases
Kolkata: A Kolkata court acquitted Saradha group owner Sudipta Sen and his associate Debjani Mukherjee on Tuesday in three Ponzi scheme cases citing lack of witnesses, lawyers aware of the court proceedings said. Tuesday's acquittal order was passed by the 11th judicial magistrate's court at Bichar Bhawan. (Representational image) 'Figuring among the 300-odd cases filed against Sen in and outside Bengal, these three were started by Kolkata's Hastings police station after his arrest in 2013 on the basis of complaints lodged by three investors,' a lawyer said, requesting anonymity. Tuesday's acquittal order was passed by the 11th judicial magistrate's court at Bichar Bhawan. 'The court observed that of the 50 witnesses named by the state, only 15 deposed during the hearings. As a result, the charges of cheating (Section 420 Indian Penal Code) and criminal breach of trust (Section 406) could not be proved by the prosecution,' the lawyer added. Lawyer Arindam Das, who is representing a few hundred affected investors of the Saradha, Rose Valley and other companies, said Sen's acquittal exposes inefficiency of the prosecution. 'With only 15 of the 50 witnesses appearing in court, the police clearly failed to do its job,' said Das. It is alleged that the Saradha Group raised more than ₹2,500 crore since the 1990s primarily from lower income group people by promising high returns. The West Bengal police arrested Sen and Mukherjee from Kashmir in 2013 when he went underground after the scam was exposed. Both are in judicial custody. The main probe against the Saradha group was started by the Central Bureau of Investigation (CBI) in 2014 following orders of the Supreme Court. The Enforcement Directorate (ED) is conducting a parallel investigation. Both agencies have filed chargesheets against several of the accused but their investigations are not yet over. Chief minister Mamata Banerjee alleged multiple times before the 2024 Lok Sabha elections that the Bharatiya Janata Party (BJP) government at the Centre is using the federal agencies for electoral gains. The BJP, however, lost six seats in the polls and its rally came down from 18 to 12 while Trinamool Congress secured 29 of Bengal's 42 seats. Some leaders from both parties are named as suspects by the CBI and ED. They include leader of the opposition in the Bengal assembly, Suvendu Adhikari, who left TMC and joined the BJP in December 2020. TMC state general secretary Kunal Ghosh is named by ED in a supplementary chargesheet.
