ETV Bharat / business

New government must focus on disinvestment, job creation & agriculture: Gopalakrishnan

The co-founder of Infosys Ltd said the new Government must continue the reform agenda and also a look at ways to increase its revenues.

S Gopalakrishnan
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Published : May 31, 2019, 7:48 PM IST

Hyderabad: Disinvestment, support for new business creation and converting farmers into entrepreneurs are the three key priority areas flagged for the new government by IT industry veteran S Gopalakrishnan on Friday.

The co-founder of Infosys Ltd said the new Government must continue the reform agenda and also a look at ways to increase its revenues.

"Disinvestment is probably one of the priorities that I would think the Government should take up", the former President of the Confederation of Indian Industry told PTI.

Disinvestment is required to improve the efficiency, and necessary to increase the government's revenues, and reduce the expenses, said Gopalakrishnan, Chairman of Axilor Ventures, a company supporting and funding startups.

Gopalakrishnan said the policy of supporting startups must continue. "We must look at ethe ase of doing business".

Telangana and Karnataka, he said, have done a good job in encouraging startups.

Read more:Garg attributes Q4 GDP slowdown at 5.8% to NBFC crisis

"We need to now look at how we can spread to other States, especially the States in the east and northeast because we need a vibrant startup ecosystem across the country, even in rural areas," added Gopalakrishnan.

There should be the focus on new business creation, not just startups that can be funded, he said.

"There are many, many startups that are individual run enterprises...small and medium enterprises, we have to ensure that there is adequate support for them, there is a requirement to look at credit...", Gopalakrishnan said.

Stressing the need to convert farmers into entrepreneurs, he said farmer producer companies (FPCs), wher farmers come together and create larger groupings enabling them to get better purchase and market power, is a good model to look at.

"There are good examples of FPCs working very well; we need to replicate them across the country", he said.

Hyderabad: Disinvestment, support for new business creation and converting farmers into entrepreneurs are the three key priority areas flagged for the new government by IT industry veteran S Gopalakrishnan on Friday.

The co-founder of Infosys Ltd said the new Government must continue the reform agenda and also a look at ways to increase its revenues.

"Disinvestment is probably one of the priorities that I would think the Government should take up", the former President of the Confederation of Indian Industry told PTI.

Disinvestment is required to improve the efficiency, and necessary to increase the government's revenues, and reduce the expenses, said Gopalakrishnan, Chairman of Axilor Ventures, a company supporting and funding startups.

Gopalakrishnan said the policy of supporting startups must continue. "We must look at ethe ase of doing business".

Telangana and Karnataka, he said, have done a good job in encouraging startups.

Read more:Garg attributes Q4 GDP slowdown at 5.8% to NBFC crisis

"We need to now look at how we can spread to other States, especially the States in the east and northeast because we need a vibrant startup ecosystem across the country, even in rural areas," added Gopalakrishnan.

There should be the focus on new business creation, not just startups that can be funded, he said.

"There are many, many startups that are individual run enterprises...small and medium enterprises, we have to ensure that there is adequate support for them, there is a requirement to look at credit...", Gopalakrishnan said.

Stressing the need to convert farmers into entrepreneurs, he said farmer producer companies (FPCs), wher farmers come together and create larger groupings enabling them to get better purchase and market power, is a good model to look at.

"There are good examples of FPCs working very well; we need to replicate them across the country", he said.

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Sensex trips 118 pts; auto, financial stocks drag
          Mumbai, May 31 (PTI) In a highly volatile session, the benchmark BSE Sensex ended 118 points lower, dragged by losses mainly in auto and financial stocks.
          The NSE Nifty too edged 23 points down to settle below the 12,000-mark.
          However, on a weekly basis, the Sensex gained 279.4 points and the Nifty rose 78.70 points.
          With the portfolios of ministers in the Narendra Modi government allocated, equity market weighed other global and domestic factors for further cues.
          After gyrating nearly 750 points, the 30-share index settled 117.77 points, or 0.30 per cent, lower at 39,714.20. The gauge hit an intra-day low of 39,374.24 and a high of 40,122.34.
          The broader NSE Nifty also settled lower by 23.10 points, or 0.19 per cent, at 11,922.80. During the day, the index hit a low of 11,829.45 and a high of 12,039.25.
          Yes Bank was the top loser in the Sensex pack, falling 4.27 per cent. Other losers include ITC, Vedanta and M&M, shedding up to 3.61 per cent.
          Asian Paints, TCS and HCL Tech were among the gainers, rising up to 2.43 per cent.
          Investors also appeared cautious ahead of GDP data, scheduled for release later in the day, traders said.
          BJP President Amit Shah who played a crucial role in the return of his party's government at the Centre will be the new Home Minister in Modi 2.0 Cabinet while incumbent Rajnath Singh has moved to Defence, another high profile ministry.
          Outgoing Defence Minister Nirmala Sitharaman will be the new Minister for Finance and Corporate Affairs while surprise inductee, former foreign secretary S Jaishankar, has been allocated the critical Ministry of External Affairs, the Rashtrapati Bhavan announced on Friday.
          Meanwhile, foreign institutional investors (FIIs) bought equities worth Rs 1,664.74 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 1,122.60 crore, provisional data available with stock exchanges showed.
          Weak trend in global markets too weighed on investor sentiment here, traders said.
          Asian bourses ended on a mixed note, while Europe was trading in the red in opening deals.
          Meanwhile, the Indian rupee appreciated marginally to 69.82 against the US dollar.
          Brent crude futures, the global benchmark, fell 2.62 per cent to 63.62 per barrel. PTI
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