Govt determined to take country on high growth path: Kant

Amitabh Kant said if the government will be able to achieve the disinvestment target of 2020-21 then the Budget will be very successful.

New Delhi: Terming the Union Budget pragmatic, NITI Aayog CEO Amitabh Kant said the government is determined to take India on a high growth path.

He further said if the government will be able to achieve disinvestment target of 2020-21 then the Budget will be very successful.

"It is a pragmatic Budget. It is pushes for public private partnership (PPP) in many areas. Budget lays lot of emphasis on AI, quantum computing, roadmap for infrastructure sector. The Budget will put India on the right track."

"...The government is determined to take India to accelerated high growth," he said at an event organised by industry body FICCI.

Kant, however, added that the major challenge of the Budget will be reviving animal spirit and credit flow.

He said the finance minister has laid emphasis on macro-economic stability.

"For an economy to grow at 8-9 per cent, animal spirit of the private sector is necessary. India's USD 3 trillion economy can't grow only on the back of investment by public sector," Kant stressed.

On disinvestment, Kant said the government is on tract as far as stake sale in BPCL, CONCOR and privatisation of Air India is concerned.

"If you look at the entire Budget, the key to budget success will depend on successful implementation of disinvestment target, which is very high," he said.

The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank in the next fiscal out of total disinvestment target of Rs 2.10 lakh crore.

"In the next month or so we will (be) accelerating pace of disinvestment in some of big PSUs. We will push limits on disinvestment of PSUs," Kant said.

The NITI Aayog CEO also informed that last year decision to privatise six airports and got a very good response.

"We will put out another six airports for bids in the next month or two...We are also trying to put out some power grids and gas grids," Kant said.

Noting that India is a difficult place for greenfield investments, he said, "but (it) is an attractive destination for brownfield investments where projects are already been constructed and there are low risks".

Kant noted that banks have not filled up vacuum created by non-banking financial companies (NBFCs) and housing finance companies (HFCs).

He added that the government will continue the structural reforms outside the budget as well.

Kant said the private sector should become part of the asset monetisation plan of the government.

"We have finalized the RFP for 150 private trains and in the coming 45 days, they will be put out in the market and will be very attractive bids.

"We will also have close to 10 railway stations where private sector will play an important role," he added.

(PTI Report)