National
Economy booster package should look at raising capital expenditure: Rangarajan (Lead)
New Delhi, Sep 22 (IANS) Attributing the fall in economic growth to demonetisation and GST, former Reserve Bank of India Governor C. Rangarajan said on Friday the government’s proposed package to revive the economy should partly raise capital expenditure and tackle problems that prevented private investments from rising.
“The package in my opinion should be partly to raise capital expenditure of the government but suited in a way in which it will stimulate private investments,” he told reporters on the sidelines of the 10th International Gold Summit organised by Assocham.
He said the fall in growth rate was also accompanied by a fall in investment rate.
“More critically, it is the private investment rate that has fallen. In fact public expenditure on capital has shown some slight rise. Therefore, the most important thing is to address the problems that may be preventing private investment from rising,” Rangarajan said.
He suggested that two things can be done. “There are a number of stalled projects. The low hanging fruit is to ensure that these stalled projects are activated. Secondly, the banking system needs to be recapitalised so that it can provide additional credit for investment as well.”
“Right now the need of the banks is to be able to provide credit.”
Rangarajan, who was also former Chairman of the Prime Minister’s Economic Advisory Council, attributed fall in GDP growth to demonetisation and newly-introduced Goods and Services Tax regime.
“Some of the reasons for slowdown are temporary and transient factors like introduction of GST or perhaps demonetisation. Therefore, I believe that if you look at it the fourth quarter and the first quarter have been more or less same – 5.6 per cent and 5.7 per cent. To me it looks, it has bottomed out. Now it will pick up.”
“But even to get 6.5 per cent for the year as a whole, the economy needs to grow at 7 per cent in the next three quarters. So my own estimate is that for the year as a whole, probably rate of growth will be around 6.5 per cent.”
Talking about GST he said it is a good measure, adding there would always be initial problems after introduction. “It is a major step in terms of tax reform. I do not think the government should delay it at all.”
But regarding the demonetisation to drive out black money, Rangarajan felt the authorities should have been well prepared before launching such a massive drive.
“What comes out is that had authorities been better prepared, the results would have been different. If authorities had enough supply of currency at the time when demonetisation was announced, much of the problems that people had experienced would not have been there. The pain was essentially because of inadequate preparations for the scheme.”
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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