Ashok Wadhva: Remember that investments, especially if related to infrastructure, require longer term planning, greater gestation and therefore require an advanced execution plan. Income expenses, on the other hand, you can incur as you earn. If tax revenues are going to be more bullish, as we all expect, the government will have many chances, many opportunities. There are enough places where the government has to spend money. The broken segment of MSMEs is an example. So I don’t think it’s necessary to plan income expenditure as well as capital expenditure.

The country is no different from any business. And as you earn and see buoyancy in your earnings, you will continue to suffer.

I would like to point out a few things: we ignore the fact that this government started planning the LIP two years ago; the first PLI program was then announced. And if we accept the fact that manufacturing creates sustainable, long-term jobs, this plan began two years ago. They have added many sectors over the past 24 months. The first plan was released when they came out with (PLI for) air conditioners.

So here’s what I would say – the blueprint, the understanding that we need to create more sustainable employment opportunities, and that manufacturing is doing it better than everyone else – has been understood. And the plan started two years ago. You only see a culmination of this shot today.

On the other hand, I wish they had understood that just like manufacturing, the other big advantage that India needs, in a global competitive environment, is our intellectual property. Intellectual property must be nurtured and built. Like capex, it is a very long cycle.

I wish they understood that and provided proper incentives, not just to the pharmaceutical industry.

Given the disruption in China, and given the amount of capital India is attracting right now, India is now second only to the US in innovation.

If you look at the number of unicorns coming in, the number of SaaS (software as a service) products that are being delivered from India today, that’s a huge opportunity. And what is good is that it is aimed at a younger demographic, an entrepreneurial force. With access to capital now, I wish the government created more incentives for pharma, healthcare and other intellectual property companies to say “come on, invest more, take more risk”, because that’s really where we’re going to get global winners.

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