New Government Should Free Up Agriculture Sector: Surjit Bhalla

The agenda for the new government should include elimination of government intervention in agriculture sector, reforming labour laws and lowering the cost of capital through reduction in interest rate and corporate tax according to Economist and author Dr Surjit Bhalla. Speaking at FICCI National Executive Committee Meeting, Dr Bhalla said that the first thing the new government should do is free up agriculture sector as every developing country in the world has first reformed its agriculture sector. "We have got too much intervention by the government in agriculture," he said. While advocating elimination of MSP and PDS, he recommended expanding the income support system to the farmers. Dr Bhalla further suggested major cut in corporate tax by about 500 basis points across the board reducing the cost of capital which is one of the highest in the world. Mr Sandip Somany, President, FICCI said that the priority of the new government should be to bring back the economy on the high growth trajectory. "The next government will have to plan for a robust reforms agenda that would not only boost consumer sentiment but will also create conditions for higher private sector investments and exports."

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