Bengaluru Kiran Mazumdar Shaw, chairperson of bio-pharma company Biocon, says 5% of GDP growth represents an economic emergency. The government should be vigilant and take more steps to accelerate growth. Speaking at a conclave, Shaw said so on Friday. The government released GDP growth figures on Friday. Growth declined to 5% in April-June. This is the lowest in 6 years. In January-March this year was 5.8%.
Infrastructure needs focus: Kiran
- Shaw said that no one had expected such a drop in GDP. Stating the need to focus on infrastructure, he said - the data shows that the economy is not only slowing down but it has reached a standstill.
- Kiran said the slab of 28% GST should be removed. The auto and hospitality sectors are being severely affected by this. This is affecting employment. Government can help increase demand by reducing tax. If the purchase increases, there will be no loss of revenue either.
- Shaw said that to bring the economic growth rate back on track, the government first needs to focus on sentiment. It also includes investment. Kiran welcomed the decision to merge the banks. Referring to the Finance Minister's meetings with industry people, he said that the government has started paying more attention.
- He said that the government was optimistic about improving the growth so far, but also understood the bad situation. She cannot deny it. According to Shaw, the growth rate will slow down in the second quarter (July-September) as well.
- Kiran said that by the end of the current financial year, we were expecting an economy of $ 3 trillion but, do not understand how it would be possible with 5% growth.
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