The Economic Survey suggested moderation in inflation to help ease monetary stance and called for a formal monetary policy to be put in place.
The Finance Minister Arun Jaitely on Wednesday tabled the Economic Survey 2013-14. The key features of the survey include FY15 GDP growth estimate at 5.4-5.9 percent and giving 'teeth' to Fiscal Responsibility and Budget Management Act, 2003 (FRBM).
Reiterating the need for fiscal consolidation, the survey suggested moderation in inflation to help ease monetary stance and called for a formal monetary policy to be put in place.
Speaking to CNBC-TV18's Shereen Bhan, Sanjay Nayar, CEO and Country Head, KKR India, said the survey is very real and "not necessarily has the imprint of the new government as it started much earlier but it highlights right things".
He thinks there's no quick fix to rates as inflation is quite high. "We have a pretty low tax-to-GDP. The government needs to figure out how they are going to improve the numbers, which will lead to increase in revenue side. And the final issue should be how they get capital for growth. I think the Budget needs to address these things," he said.
Nayar feels the Economic Survey has laid out a roadmap for the Union Budget, which he thinks would be more of a "statement of intent". He doesn't expect any major announcement from the FM tomorrow, but feels the Budget may give a clear direction as to how you we get to an end point in the next 3-5 years.
"What we have seen over the last one-and-a-half month is that this government is quite serious about delivering and is very diligent. One can give them the benefit of doubt that they announce something and give you a path to get there. So I would look for 3-4 things. What is the path to fiscal consolidation, not necessarily the numbers, and the quality of fiscal deficit -- how it changes going forward," he said.
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