Need animal spirits to rise: Finance secy tells India Inc

New ideas, strategies and private investments needed to drive cycle of growth, Pandey said

- Rhik Kundu

With the government having returned money to citizens through tax cuts in the budget, it is now for industry and businesses to take investment risks and create institutions and jobs, finance secretary Tuhin Kanta Pandey said on Thursday.

Speaking at a post-budget interaction hosted by the PHD Chamber of Commerce and Industry, Pandey emphasized that new ideas, strategies and private investments are needed to drive the cycle of economic growth.

"We need your animal spirit to rise," he said.

"Because when you create jobs, that creates income, and that income creates consumption and saving and that saving and investment creates further investments and the beneficial cycle flows (on)."

Pandey said the government's focus on capital expenditure on infrastructure projects supports the supply side of the economy, and businesses, while also creating jobs.