Union Budget 2023 for jobs: Finance Minister Nirmala Sitharaman should look to promote investments in smaller cities with an aim to further the goal of sustainable living, says Mohammad Athar (Saif) of PwC India. FM Sitharaman will present Budget 2023 on February 1 as part of the Parliament's Budget session.
Athar (Saif) is of the view that major cities in India are reaching their saturation limits, and hence there is a need to encourage companies to invest in smaller cities. "That will make the whole growth and story about India much more inclusive and also more sustainable," the Partner and Leader Industrial Development at Pwc told TOI, adding that this would be his one out-of-the-box recommendation for Budget 2023.
Explaining the rationale, Athar (Saif) said, "If you see, our cities are under tremendous urbanization pressure, the cost of doing business has really increased." "It is no longer very comfortable when we talk about quality of living being in our major cities," he added.
Budget 2023: Why there is immediate need to incentivise jobs in smaller cities
He recommends deciding on saturation limits for cities across the country. "I think most of our Indian cities have reached their saturation level. So it is time that the government starts thinking about some form of saturation limit for the cities," he said.
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"Once the cities reach those saturation or capacity limits, the government should start initiating a set of incentives, policy programs to get the current set of industries which are doing well to newer regions," he said. For the new set of companies which are about to come, create a new differentiated incentive and a policy mechanism by which new growth centers and growth hubs come," he added.
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Athar (Saif) believes that with focus on ease of doing business in smaller cities, the government can enable new investments and job creation there, which is a win-win situation.
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January 12, 2023 at 12:51PM
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