CII president says India can achieve GDP growth rate of over 6%, provided systemic reforms are carried out quickly by the new govt
CII’s new president Ajay Shriram said that a strong economic revival package and right implementation of policies by the new government can help create as many as 150 million jobs in the next 10 years.
New Delhi: Boosting economic growth in India requires immediate introduction of Goods and Services
Tax (GST), containing subsidies, monetary easing and fast-tracking of
stalled projects, Confederation of Indian Industry (CII) said on
Tuesday.
In its 100-day action agenda for the new government, the industry
body said a strong inter-ministerial coordination group is required to
resolve sticky issues like the “mining conundrum” and “raw material
securitisation” for sectors like steel.
“Economic growth and investments
have stagnated. We require rapid economic growth for job creation. We
will share the agenda with the new government and discuss each point
with them. Implementation of GST will boost GDP by 1.5-2%,” CII’s new
president Ajay Shriram told reporters.
He said India can achieve GDP growth rate of over 6%,
provided systemic reforms are carried out quickly by the new government.
However, Shriram added that in case of a fractured mandate in the
ensuing general elections, “there would be loss of investor confidence
and jobs would be destroyed in organised sector with no signs of economic reforms”.
A strong economic revival package and right
implementation of policies by the new government can help create as many
as 150 million jobs in the next 10 years, he said.
“Industry is looking for top policy steps such
1. Introduction of GST
2. Easing of interest rates by 100 bps
3. Keeping subsidies at 1.7% of GDP
4. Restructuring of labour laws to promote mass manufacturing
5. Market-friendly environment is required to promote investments, business and entrepreneurship.
6. Timely implementation of the Delhi-Mumbai Industrial Corridor (DMIC) project
7. Setting up of state level mechanisms similar to project monitoring group and an institutional mechanism to renegotiate the terms of concession in public private partnership (PPP) contracts to salvage stranded investments.
8. Urgent need to expand e-governance and technology based initiatives to simplify processes and online monitoring of application forms besides time-bound approvals by introducing deemed approvals in case of delays beyond prescribed limit
Restructuring of labour laws
2. Easing of interest rates by 100 bps
3. Keeping subsidies at 1.7% of GDP
4. Restructuring of labour laws to promote mass manufacturing
5. Market-friendly environment is required to promote investments, business and entrepreneurship.
6. Timely implementation of the Delhi-Mumbai Industrial Corridor (DMIC) project
7. Setting up of state level mechanisms similar to project monitoring group and an institutional mechanism to renegotiate the terms of concession in public private partnership (PPP) contracts to salvage stranded investments.
8. Urgent need to expand e-governance and technology based initiatives to simplify processes and online monitoring of application forms besides time-bound approvals by introducing deemed approvals in case of delays beyond prescribed limit
Restructuring of labour laws
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