India has potential of 8% growth – Kamineni

The Government and Indian Inc is required to work as a team for translating the vision of New India into reality, Commerce and Industry Minister Suresh Prabhu has stressed.

“A plan where people and government work together on a single platform has to be put in place with collaborative efforts and shared responsibilities,” said Prabhu at the CII Northern Region Annual Conference on New India: Translating Aspirations into Reality”.

To enhance manufacturing contribution to GDP, path breaking initiatives have been taken by the Government, he pointed out.

Some of these initiatives include pumping in unprecedented Rs.3.75 lakh crores into Indian Railways, investments in infrastructure, strengthening of Ease of Doing Business, comprehensive policy for air cargo among others, elaborated the Minister at the conference held in New Delhi on 23 Mar 2018 by the Confederation of Indian Industry.

Manufacturing sector’s contribution to GDP stands at 16% at present as against the desired target of 20%.

Following the minister call, CII President Shobana Kamineni, President, CII, during her address said “With uptick in India’s GDP over the last two quarters, India has the potential for 8% growth rate in the coming few years.

“Reforms such as GST, Bank Recapitalization, Insolvency and Bankruptcy Code, etc. have provided impetus to investments,” she said.

CII Director General Chandrajit Banerjee, added “Our initiatives during the year would focus on creating an inclusively developed India by 2022 that will shape the new world order through economic strength, technological vitality and moral leadership.” fii-news.com