Private sector must work to boost capital expenditure of India: Govt

New Delhi, Apr 29 (KNN) Amitabh Kant, India’s G20 Sherpa and several other officials and industrialists said on Friday that India’s private sector should step up to the plate and boost capital expenditure to enable the country to grow faster.

Business leaders also called for bringing more women into the workforce. 

They expect investments in R&D pick up pace as the world’s fastest-growing major economy major strives to meet its immediate goal of becoming a USD 5 trillion economy.

“India needs to grow at minimum 8% per annum over a long period of time. If you have to become a $5 trillion and subsequently a $10 trillion economy and raise the per capita income of Indians… I think the animal spirits of the private sector must rise up to the occasion now,” said Kant. 

In the past few years, only three-four large private sector groups have taken the risk to make substantial investments, he said.

Kotak Mahindra Bank chief executive Uday Kotak assured Kant that the private sector will boost capex. 

“Give them time and do not suggest an increase of taxation please,” Kotak said.   (KNN Bureau)