TS has shown way in bringing reforms: Abheek Barua

“We have to think of ways to give poor children access to a device that enables them to access classes (may be pre-recorded) and work on improving internet penetration,” he said stressing the need to spend more on healthcare and education.

Hyderabad: States can do more in labour, agriculture, power sector, ease of clearance of proposals, infrastructure and industrial policy. Champion States like Telengana have shown the way, said Abheek Barua, Chief Economist and Executive Vice President, HDFC Bank, adding that each State needs to be nimble in grabbing investments,

Delivering the Om Prakash Tibrewala Memorial Endowment Lecture on `Rebounding Indian Economy: Way Forward’ at FTCCI on Friday evening, Barua said that online classes are not a substitute for classroom education. However, the pandemic has given digital education a degree of legitimacy.

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“We have to think of ways to give poor children access to a device that enables them to access classes (may be pre-recorded) and work on improving internet penetration,” he said stressing the need to spend more on healthcare and education.

With the government likely to remain cash-strapped, private capital domestic and foreign sources remains a key option. There is a need for an overhaul of GST – slabs, inclusion of goods and services and implementation need to be reassessed and made much simpler. Otherwise, the revenue buoyancy that was expected from this major shift in tax regime will never materialise, he said.

“Today, the NCLT process is bogged down at different stages with far too many blocks and barriers. These need to be removed. I am for the idea of a bad bank – that temporarily houses stressed assets if it aids in the quick resale of these assets,”the Vice president of HDFC Bank added.

Automation will define the way manufacturing will evolve. However, the flipside is that they are labour displacing and might clash with the objective of creating employment post pandemic, he said according to a release.

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