Nilesh Shah, a part-time member of the Prime Minister’s Economic Advisory Council (Nilesh Shah), has suggested to the government that the properties of people who have gone to Pakistan after partition should be sold, amidst the ongoing Coronavirus . He said that more than 1 lakh crore can be raised on selling these enemy properties. This step of the government can meet the economic losses and the current increased expenditure during the Corona epidemic. Also Read – Coronavirus Vaccine: China Made Corona Vaccine? Will be released to general public in november
Nilesh Shah said that both India and Pakistan enacted laws to acquire enemy property after the 1965 war. Pakistan has sold this entire property in 1971, but India is 49 years behind in this case. Addressing the IMC webinar, Shah said, ‘You should monetize government property so that you have funds available to spend further.’ Nilesh Shah is also the managing director and chief executive officer of Kotak Mutual Fund. Also Read – 9% decline in GDP this year, next year situation …
He said that the value of this enemy property was estimated at Rs one lakh crore three years ago. He said that this is the best time to remove encroachment and remove the anomalies of ownership by selling such properties. Shah said that there are 9,404 such properties which were made under a government-appointed custodian in 1965. On the question on how to promote sluggish economic growth, Shah said, “Sell these properties and get an amount of one lakh crore rupees, this will fulfill your expenses.” Also Read – Coronavirus Update: More than 80,000 people lost their lives due to corona in the country, more than 49 lakh people infected
Addressing the same webinar, Navneet Munot, chief investment officer of State Bank Mutual Fund, said that to promote economic growth, fiscal measures need to be taken instead of leaving the matter entirely to the monetary authorities. Shah also suggested using unaccounted book gold available with Indians on this occasion. He said that up to $ 300 billion can be available for new expenditure and investment.
He said that according to an estimate, 25,000 tons of gold is kept with Indians. A scheme can be brought which can extract at least ten percent gold from it. It will receive $ 50 billion in tax and $ 150 billion will be available for investment and expenditure.
Shah appreciated the work of gold finance companies and said that he put gold in productive works but said that there is a need to make this work more comprehensive. Both Shah and Munot said that there is availability of cash which is the reason for the current boom in the stock market. Despite the decline of about a quarter of the economy in the first quarter, the stock market continues to boom, the available liquidity is a big reason behind it. He said that the market is looking at the future with great expectations, due to which the market continues to boom.