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Wipro Chairman and Managing Director Azim Premji stressed the need to make education the first priority in tapping the potential of Indian youth. This would lead to growth, he added.
Premji was delivering the keynote address at the meet on Re-energising India Inc. Challenges hosted by the Confederation of Indian Industry (CII) here on Friday. Premji said that he considered primary education the first among priorities, as it would help people make informed choices.
Also stressing the need for primary healthcare, the IT magnate said that the Indian mortality rate was 70 per 1000 as against 10 in the developed part of the world. He felt that this level of morbidity combined with illiteracy deprived people of economic opportunities.
More than 90 per cent of the land in India was subject to legal disputes over ownership. Stamp duty is between eight and 15 per cent of the property value. This encourages evading.
On the other hand property tax rates are low and collection is inefficient. All these have led to Indian land prices being the highest among the Asian nations though the income is average. Low taxation is hampering Indias ability to maintain urban infrastructure. Effective land reforms can really boost housing and retail sectors, he added.
Terming the power sector a resource drain on the economy, Premji pointed out the need to check power theft and improve the efficiency. These changes could have an impact on the fiscal deficit of the states, he said.
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