Vice-President M. Venkaiah Naidu has said that the “government has no business to be in business”, and that the job of creating wealth should be left to the business community.
Making a strong case for the private sector to play a larger role in trade, commerce, and industry, Mr. Naidu said in the days following Independence, it was incumbent on the government to invest in businesses to spur economic growth with the aim of supporting the poorest of the poor, but the present situation demanded that the private sector supplement the government’s efforts.
“The government of the day has correctly done it,” he said while inaugurating the 160th anniversary of the Cochin Chamber of Commerce and Industry here on Wednesday.
Mr. Naidu said the country had a lot of business now. “Foreign Direct Investment [FDI] is being allowed. Why should then we deny an opportunity to the sons of the soil?” he asked.
“The government must support businesses to create wealth so that it could be used to support the needy,” the Vice-President said.
Showering praises on Kerala for its growth trajectory, record and infrastructure, he said it was among the most progressive States with social welfare schemes.
He added that a peaceful environment was needed for progress, and that ancient India had a universal and tolerant outlook, and secularism was in the DNA of the people. It was not in the Constitution originally, as it has always been there in India’s cultural ethos, he said.
Maintaining that the country was rightly bringing about structural reforms for economic progress, Mr. Naidu said political debates on the merits and demerits of demonetisation could go on, but its purpose was met, as all the money kept out of the system had come back to the banks, with an address. Goods and Services Taxes (GST) too, though with shortcomings which would be addressed eventually, sought to bring a systemic reform, he added.
Mr. Naidu was all praise for schemes like Aadhaar, bank accounts for as many people as possible, and the ubiquity of mobile phone use, maintaining that they ensured that benefits reached people directly without leakage at various levels.
He cited various projections and assessments by international bodies to assert that India was making steady economic progress when other countries slowed down.
Governor P. Sathasivam spoke.
