By: Dr. Manju Dagar
After the budget, I met business tycoon Dr. Ajay Kumar, chairman of Fox Petroleum and asked him how he viewed the 2020 budget . He start his conversation with ‘ Now that we have stepped into an Era of Innovation , business around the globe will continue to display more change , as the technology revolution gains new momentum . yet , one thing will remain unchanged , the desire of every business to grow to be no one in its chosen field of industry . After that my first question to him – Dr Kumar , What is your take on prime Minister Narendra Modi to become 5 Trillion Dollar Economy by 2025 , Can he rely on this Budget 2020 , going in the right direction ?
Ans by Him , I think, its not easy to become Five-trillion dollar economy in one go with 5 % GDP growth . A lots need to be done . But it is achievable if we continue the growth at a minimum of 9 % that too fixed for complex five years without a duck . To become a USD five trillion economy in 2025 , India must achieve USD 3.3 trillion economy status by 2021 ; USD 3.6 trillion economy status by 2022 ;USD 4.1 trillion economy status by 2023 ; USD 4.5 trillion status by 2024 and USD 5 trillion economy status in 2025 . However , the current trends and prospects do not favour this dream .
Question: Dr . Kumar , Based on the above remarks – which sector needs to be addressed sincerely for the target of five trillion dollars economy as I am taking this Qns further – Prime Minister Modi said this in rally conference too .
Dr. Kumar: Prime Minister said this after getting confidence from his Finance Ministry Top to Bottom Staffs . He may not be meeting everyone , but for sure he must have taken input from all . He must have no reason to see his vision with a mistrust . Many sectors that contribute to the Indian Economy’s growth path , like Automobile , Real Estate , FMCG , Manufacturing , Agriculture are lagging behind in achieving desired growth rate and jobs in these sectors are not only going down but are also trimmed . Hence Government has tried it best to fill pockets of middle class by many ways in this budget . Giving tax slab a new structure , big investments in tourism . Fund allocation for farmers . Etc etc . He has tried to encourage home buyers too .
Question: Dr. Kumar , I want lead and grind the question to you after your answer – how come you still so optimistic about to become 5 Trillion Dollar Economy , when you himself are not quite sure of growing economy by 9 % to achieve the target . Are you sure next year you will see 9 % growth and when almost all sectors you know is falling down ?
Dr. Kumar – See I am not a pessimist . Yes ! it is difficult task , But who said – Indians were not bound for difficult task . If the Prime Minister can become ‘Chaiwala’ To Chief Minister to Prime Minister and Hopefully the Next President of India (He Smiled). Then it is very easy task for him . But yes , I am finding hard to answer this question because next year 9 % growth is very hard to achieve . I have a solution to this . In this broken economy , if Prime Minister draws 30 percent of the investments promised during his visit from different Governments under Make in India or PPP or FDI or ECB – it will take GDP by +2% rest one percent only market sentiment can bring it there . Market needs a little feel good factor. Frankly Speaking, I am not happy with IMF statements , they were misleading . Indian economy has complex structure. It can be taken up even with a mood swing of middle class . That’s what Finance Minister Budget 2020 reveals .
Question: Dr.Kumar , Still you are not rational . See Mr. Kumar (Western dr.) and Dr . Kumar (Ayurvedic treatment ) are two things – If Prime Minister of India says – get my economy back on track with GDP 9 % – Which one of the ‘ Kumar ‘ will do it fast and how – in short .
Answer by Him – Yes ! Mr. Kumar will do it best and Dr. Kumar will take time consulting and waiting for too many opinions , in a same time Mr. Kumar – is to be achieved by any means -Yes by increase the sentiments of the market . Diagnose , Cure and care as mythological ways as Indian can trust that more then a medicated cure by Dr. Kumar . See India is like that, I referred to an add- ‘ Mood hone pe khate hai , Bhookh lagne pe west mei khate hai . ‘
Question: Mr. Kumar i will say , you Mr. Kumar – You are taking me somewhere else ? Still gap in your answer , please come out with factual answers . 1- Is India recession hit – Yes or No ? 2-Do you agree that – Whatever you said can not bing GDP to 9 % that means you will not achieve 5 trillion dollar status – if Yes okay .. No then please clarify in details .
Mr. Kumar: Yes ! India hit by nominal recession after Demonetization and GST but its not that kind of recession – it’s a sentimental recession only . A kind of silence in the investors and public at large from the middle east . and Prime Minister Modi is good at breaking this type of mental blockage . Its over till date . Secondly , I agree Indian Economy , no doubt is passing through a sluggish economic growth since 2016 post demonetization as compared to earlier years, although efforts are being made to improve the Indian Economy’s growth to achieve the rate which may not be considered as very slow . Government however , is of global economic slowdown , if we go by the global economic growth standards . This budget is mood changer . and I am hopeful about achieving, the targets. I must say when our attitudes are right , there is no barrier too high , no vally too deep , no dream too extreme and no challenge too great for us Thankyou .
Manju Dagar: This Dr . Kumar or sometimes Mr. Kumar Chairman Fox Petroleum Group , Thankyou for taking my Questions , though I know , I was hard my question only because you wanted to answer . Thankyou once again .
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