you are watching our nonstop coverage of the union budget. They say it's a budget for everybody but to actually go through it. We're joined by Subra Kant Panda, the president of the Federation of Indian Chambers of Commerce and Industry. Thanks very much. Is the panda for being with us? Are you satisfied with what the budget says about employment? Labour force participation rates have been low. Has enough been done to address their concerns while you know, and as much as the budget is concerned, yes. Satisfied because I think the single most important point which we a tricky and I think everybody else had raised going into the presentation of the budget was that it needs to have a growth orientation. And I think that is what has happened with the largest ever outlay for capital expenditure at 10 lakh crores. And if you take into account the the granted 82 states than the goes up to about 13.7 lakh crores, which is 4.5% of GDP. So I think, you know, and the and the good thing about this is that when you talk about Catholics, it as a it has a multiplier effect, and it has a affect cutting across various sectors. And that is certainly going to be positive for for employment. Not to mention there are several other initiatives that the government has taken up, which all located from an employment perspective, which is example, the Pillai Schemes. So it's It's not just the announcement in the budget Percy that one needs to look at because governance is 3, 65 days a year. So there are other steps which have been taken for for employment generation, which I believe will will bear fruit. But I mean, obviously one has to give it some time for all these. All these initiatives to to have impact on the ground in as much as female labour participation is concerned. Certainly, you know, that is something that needs to be stepped up. And in that context, um, in in fact, Ricky has done some work and in terms of putting together and idea, should exercise on what could be done. And I think there are some some steps going ahead, which will which will work towards boosting bailable participation. You know, if you look at debt is a percentage of GDP in 2015, it was, what, 66.6%. That's no reason to 87.6%. And India clearly has high interest rates compared to many countries. For example, the United States, in other words, debt repayment. Our debt burden as it were, is that much more difficult. And it's something which has to be factored into the budget, obviously so India's debt as a percentage of GDP and the fact that it's risen again, how would how should we look at that? So lock, um, Indra two ways to locate it. It is a fact that that India's debt to GDP ratio has gone up. But keep in mind that has gone up during the pandemic period where there was absolutely a clamour for for support from the government in in order to tide over that very challenging period. And I must amend the government for the heavy lifting that they have done in the, you know, during the pandemic and its immediate aftermath. And that s courts continues in in this budget with the allocation for cap, it's has be just talked about. But the other way of looking at it is, you know, that if you look at the look at 21 or 22 compared to that, there is some consolidation taking place in India's debt to GDP ratio has actually come down from a peak of about 90 plus percent. And again, if you issue compared to countries like the United States or China, where those numbers are sky high, I think we are in a much, much better position. And finally, on one more data point that if you add corporate indebtedness to this, which is in the mid fifties, if I'm not mistaken, then overall, I think there is a It's a good situation. And keep in mind that during the last couple of years, the traditionally cyclical sectors have the leverage significantly, and that is something that that bodes well for us going ahead. Given the possibilities of some unpleasant surprises, if they were to unfortunately come about. All right, Mr Panda, Thanks very much for speaking to us. Panned out the President of Figi Tax pay much indeed. We joined by Monica Holland, Sanjeev Patrick and Rajeev Gowda joins us as well. Mr Gotta let me come to you first. You know Rahul Gandhi is treated he says. Mitra Cal Budget has no vision to create jobs. No plan to tackle Meng Guy. No intent to stem inequality. But, you know, we were just speaking to the president of 50 over there who says that the cap expend is something which would create jobs. There is a multiplier effect. Well, Vishnu, you know, the basic job of government is to take care of those who are falling behind. There are other jobs, including investing for the future. But especially in a country where you have 80 crore people dependent on free food, you absolutely have to do something to create opportunities for them and what we see. We do not need indirect trickle down agendas. We need direct initiatives that actually go out there and provide sucker at a time like this, and we don't see any attention. In fact, we see the reverse. We seem NRA, which is one of the most successful. So in safety nets that we had, we have seen a cut in that we don't see investment. You want investment? What about investment? Enough people in their health in their education have we seen an increase in those numbers has been an increase in the amount for women insurance, 1% is up sufficient. So it is not just capital expenditure that is into physical assets that, of course, as its benefits. But we need to invest in human capital and into in ensuring that we don't have the storey statistic of one third of our Children being underweight, a wasted and stunted with their future compromised as a result of our callous next or this government's Monica. I mean it is true that, you know, in terms of the outlet to education or health, it's not found pride of place at all in this budget. I remember in the case of health, there are trading centres which are being co located along with a medical schools. But is this a glaring omission? Health and education, social sector spending, You know, when you think about social sector spending, a look, health and education. Finally, our state subjects and this the right sort of said ways into a very important point for me. So we've all been talking off the great cap ex pushed at the centre and Alan. It's fantastic 3.3% of GDP, but finally the projects are inclined ended in the States. And if you look at the website of the central government, which tracks of of these large infrastructure projects, you see that 33% of behind on their time schedule by 2 to 3 years and there is a cost escalation of between 20 to 40% now. The issue is that there is there is a scrutiny on the centre, but I don't think they're doing the same scrutiny on what the states are doing to take this agenda forward a little bit more or observation as to how the schemes are actually implemented in the States. Maybe it's time for the States report card, which is which we look at month on month to see which state is leading behind. Why and why do we have these cost and time overalls on projects which are so important for all of us? So just just one short point that I don't want to get into the politics of this but the hero metrics like stunting. But this is this is a budget, in my opinion, which is targeting more growth and both mission. You and I have been part of this generation who benefited from the 1991 economic reforms. It was a giant wave which lifted all the boats we could not have imagined in India of, you know, in the seventies and eighties that we spoke host 2000 Absolute push is happening right now and taunting them in India's and the Genesys are looking for so much. That's a freebies or every culture. They're looking for empowerment and they're looking for broad. So I think the budget, in my opinion, is sticking a lot of those boxes. Sandeep Arica War If the areas which we should talk about private sector investment a lot of the growth that we are seeing in our economy now is it being almost entirely bankrolled by the government or be seeing the private sector? Investing wise has been declining. In fact, I think you're in mute. Can you are? Mutis is so I think it's it's been good juggle Mandy for the past few years in terms of, you know, the government pushing for infrastructure and effectively. Another infrastructure projects are bill run by the private sector with its road building. Whether it's ports, I think I think we're seeing a lot of efficiency which is coming to infrastructure. Yes, there have been delays is on the convention. But I think the main point here is what monitor said, which is a rising tide raises all boats. And we've been saying that consistently since 1991. So I think of that. The first thing is, I think the for infrastructure helps the long term raising of the time Number two. I think the entire tax benefits which have come to a rising side etcetera, will put more cash in the end of people is gonna have a bill passed. And finally, I think the whole emphasis on governance and technology using technology for improved governance, reducing kind of compliance pardons will also help with, you know, the softer side of the growth. And first, I think at some point of course, I think we will need to more away from this over What, Monica For the remedy culture. I think the growth itself, you know, be need to empower people. We need to create the right framework for the jobs and not kind of throw money and at people and hope that they freed themselves. Alright, well highlighted. Thank you all very much for joining us
