Lavu Sri Krishna Devarayalu highlights lack of utilisation of allocated funds in multiple sectors
Lavu Sri Krishna Devarayalu, TDP, Andhra Pradesh, said that the economy has thrived in the past 5 years despite the challenges. He said that India is one of the fastest growing economies with 7% GST growth.
However, he said that some bottlenecks in the taxation system needs to be addressed. He proposed three solutions to improve tax compliance and process.
“Trust the taxpayer. Create an atmosphere in which the taxpayers can come and declare their assets,” he said.
Offering criticisms for the Budget, he said that utilisation of the funds matters more than budgetary allocations. He also asked the Finance Ministry to prepone the AI target to 2 years — with 1 million GPUs by 2028 — to ensure balance of payments and self reliance.
He said that although the semiconductor industry is allocated funds, it is not being spent. He said that the semiconductor industry could potentially prevent ‘brain drain’ by bringing back professionals to the country.
