New Delhi, March 29 (IANS). Newly appointed Finance Secretary Ajay Seth said on Saturday that the country’s economic growth needs to be promoted by taxpayers and borrowings by Ratpears (those who pay fees for utility).
Ratpears mean those who use public transport means, etc. and pay a fee for this.
Addressing a program in the national capital, Seth said that Ratpears need to come forward from the three groups that fund India’s savings pool.
Seth said, “Saving pools are limited in this country. We generate income. After this we either spend or invest somewhere. But the question is who will finance development … there are only three groups – taxpayers, next generation (borrowings) and ratperes. Till now taxpayers and next generation were financed.”
He said, “The role of Ratperes has been negligible so far, while the three groups need to play the role, with the most important Ratpears.”
In a program organized by the Scotch Group, the Finance Secretary said that exports are one of the four engines of India’s development.
Finance Minister Nirmala Sitharaman in Union Budget, agriculture; MSME and manufacturing; Investment; And the export was described as four engines of development.
Ajay Seth said that we are in the midst of a difficult global geopolitical and economic environment.
He said, “The economic difficulties facing other countries are increasing due to their geopolitical stance. I do not think uncertainty will be reduced in the medium period. It seems that nation is moving towards competition rather than cooperation.”
According to Seth, the world’s largest economic power America is also moving towards giving a renewed direction to its economy, as it realizes that something different needs to be done to move forward.
Seth, a 1987 batch IAS officer of Karnataka cadre, was appointed as the new Finance Secretary last week. Earlier this month, he was given additional charge of Revenue Secretary.
-IANS
SKT/Ekde
