There is potential to boost economy throughagriculture-based industry: Dr Ajit Ranade

 

 

“FARMERS are the largest small entrepreneurs in the country. Therefore, there is potential to boost the economy through agriculture-based industry and service sector in the coming years. Entrepreneurs should embrace opportunities,” said senior economist and ViceChancellor of Gokhale Institute of Political Science and Economis Dr Ajit Ranade. He was addressing the weekly session ‘Augment’ organised by Vidarbha Management Association (VMA). Interaction of CA Pankaj Deshpande was also organised along with Dr Ranade’s lecture. Stating that the means of income of the State are limited, Dr Ranade said, the State gets revenue from custom duty, tax on liquor and petrol. The t w o - t h i r d s i.e. 65 per cent of the c o l l e c t e d revenue goes in the expenditure that is spent on e m p l o y e e salaries, pensions and Government interest.

 

“To fill this deficit, it is necessary to adopt a policy that promotes industries”, he said. He also stated that nearly Rs 10 lakh crore does not come into the circulation because of delayed payment by vendors. He appealed members to take advantage of bill discounting avenues and register forVyapar credit card. In the country’s economy, there has been an increase of 4.5% in the agricultural sector, 12% in the industrial sector and 13% in the service sector.Maharashtra’s share in thecountry’s economy is 15%. The recent amendmentintroduced by Union FinanceMinister in the form ofSection 43B, may benefitentrepreneurs. “Education is also a majoremployment generating sector. So there is a growth opportunity for service sector alongwith industries. The percentage of women in the industryneeds to increase,” he said. Earlier, CA PankajDeshpande stated that working capital is the biggest challenge faced by the industries.Many people take loans frombanks through cash credit toinvest money in the industry. Moderator of the session wasDr Prashant Agrawal while session in-charge was SudhirLaturkar.