If you had three wishes as FM, what would they be?
Amit Tandon, MD, Fitch Ratings
• The first would be fiscal consolidation. India had been following a path of fiscal consolidation. Then about 18 months back, that is the last budget, and the one before that, it let go. We have seen fiscal deficit climb considerably. What we need is a clear agenda to address the issue by way of a road map.
• The second is infrastructure. We need to start spending a lot more on urban infrastructure.
• Finally, rationalization of tax. I would like to see a road map to a goods and services tax, which we are committed to moving in the next two years.
If you could end something that exists in the budget, what would it be?
Clearly the fringe benefit tax. It’s an unnecessary complication in corporate life. It makes our task difficult.
Name one thing that you would want changed outside your industry?
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Apart from infrastructure, the two other areas of concern are health and education.
What is your idea of inclusive growth?
To me, growth is inclusive when it embraces more and more people. So if we hear about more people being pulled out of the depths of poverty, that’s inclusive growth. Often there is confusion between redistribution and inclusiveness. So reservation in educational institutes, for instance, is not inclusive growth because by doing that you are excluding someone else.
If, however, say you increase the capacity of the IITs, for instance, from 100 to 500, that is inclusive growth.
I guess it’s a tautology, but including more people has to be inclusive rather than redistributing whatever little we have.