Statement from Arun M Kumar, Chairman & CEO, KPMG in India
The Economic Survey elegantly lays out the state of the economy and the progress made over the past years. It highlights the emerging model of cooperative federalism exemplified by the GST Council, identifies “4Rs” of managing through the non-performing assets problem under the impetus of the Bankruptcy Code and the steps taken to create an infrastructure for the targeted delivery of government resources to the poor. The Survey also draws attention to the encouraging fact that States’ tax collections are rising faster than the overall rate of increase. The beneficial impact of international and interstate exports to the economies of States is noted. The Survey articulates how policy reforms are leading to actual progress and notes that the economy is back on an accelerating growth track.