Induce reforms in Budget to drive private consumption, says Godrej CEO

The government needs to take steps such as reviewing personal income tax slabs in the upcoming Union Budget to drive private consumption, which in turn will drive private investment, Godrej & Boyce Executive Director & CEO, Anil G Verma said on Thursday.

He also expressed optimism that the government will build upon the solid foundation laid by the interim budget, which focused on boosting infrastructure development, maintaining fiscal prudence, and laid progressive emphasis on women, youth, farmers, and the underprivileged through skilling, welfare measures and financial assistance.

"The important area that needs to be addressed now, amongst others, is the continued lower-than-expected growth in private consumption," Verma said in a statement.

Asserting that private consumption drives private investment, he said, "Therefore, I am hopeful that the GoI (government of India) will take steps that boost consumption through a slew of measures that could include optimising GST ...