Suman K Bery Discusses Bold and Radical Budget Changes
New Delhi [India], July 24: Suman K Bery, Vice Chairman of NITI Aayog, described the new budget as bold and radical in an exclusive interview. He highlighted three key areas: better livelihoods, redefining the relationship with the private sector, and inclusive growth.
Bery emphasized that the budget aims to create high-quality jobs and provide new opportunities for first-time job market entrants. He noted that while jobs are being created, they often do not meet graduates’ expectations. For example, companies like L&T have 45,000 unfilled engineering positions. The budget seeks to bridge this gap, improving livelihoods.
Future reforms are also promised, including a complete review of the direct tax code within six months. Simplified taxation for MSMEs is expected, and a new direct tax proposal may be introduced in the next budget. The budget also focuses on agricultural research, allowing the private sector to bid for government funds, and plans to involve the private sector in nuclear energy.
Initiatives to encourage women’s employment through skilling, housing, and dormitories are included, reflecting a shift in the government’s role to policy framing and facilitation. The abolition of the angel tax is expected to attract more investment into India’s startup ecosystem, making it easier for startups to access funding.
Regarding the fiscal deficit target of 4.9% of GDP set by Finance Minister Nirmala Sitharaman, Bery believes it is achievable. He explained that lower government borrowing would decrease interest rates, benefiting private sector investment and improving the country’s credit rating.
Doubts Revealed
Suman K Bery -: Suman K Bery is an important person who helps make big decisions for India. He works as the Vice Chairman of NITI Aayog, which is a group that plans for India’s future.
NITI Aayog -: NITI Aayog is a part of the Indian government that helps plan and make policies for the country’s development. It stands for National Institution for Transforming India.
bold and radical -: Bold and radical means making big and brave changes that are very different from what was done before.
livelihoods -: Livelihoods are the ways people earn money to live, like through jobs or businesses.
private sector -: The private sector includes businesses and companies that are not run by the government. They are owned by individuals or groups of people.
inclusive growth -: Inclusive growth means making sure that everyone, including poor and disadvantaged people, benefits from the country’s progress.
MSMEs -: MSMEs stands for Micro, Small, and Medium Enterprises. These are small businesses that are very important for the economy.
agricultural research -: Agricultural research is the study of farming to find better ways to grow crops and raise animals.
nuclear energy -: Nuclear energy is a powerful form of energy that comes from splitting atoms. It can be used to make electricity.
angel tax -: Angel tax is a tax that was charged on investments made by people who support new businesses, called startups. Abolishing it means removing this tax to encourage more people to invest in startups.
startup ecosystem -: The startup ecosystem is the community of new businesses, investors, and other people who help each other grow and succeed.
