Create more jobs, says Kirloskar
India must think and go for 10% economic growth by boosting consumption, drawing investments and increasing exports, said the newly appointed President of Confederation of Indian Industry, Vikram Kirloskar.
“This is the right time for India to think big and envision GDP growth rate of 10 percent to greatly improve development outcomes,” said Kirloskar at his first press conference on 3 June 2019.
“With a landslide electoral victory and new Council of Ministers in place, we expect the Government to engage strongly with industry to ideate and implement impactful policy solutions for double-digit growth,” stressed Kirloskar, who is also Chairman and MD of the Kirloskar Systems Ltd and Vice Chairman, Toyota Kirloskar.
Based on the recently released data, CII is focused on four key issues of energizing growth, generating new jobs, deepening India’s overseas footprint, and energy security.
CII is focusing on strengthening Indian industry’s role in policy solutions as well as targeted action initiatives under the theme of “Competitiveness of India Inc: India@75 – Forging Ahead”, he pointed out.
With GDP growth moderating in the last quarter, he urged for reinvigorating the growth rate, namely boosting consumption, investments, public expenditure on social and physical infrastructure and net exports.
Consumption will be greatly encouraged by reducing the personal income tax burden, adding more disposable income for consumers, he added.
“As the Government has greatly improved ease of doing business, it must now focus on significantly slashing the cost of doing business.
“Mega connectivity and storage projects are required across the country for lowering logistics costs which render Indian goods uncompetitive,” said CII President.
He called for cuts in interest rates, rationalising taxes on equity capital, addressing delayed payments from the public sector, and improving logistics.
Kirloskar called for more jobs in construction, hospitality, logistics, healthcare, and the financial sector, among others.
Construction and healthcare alone can create 20 million jobs in the next 5 years, estimates CII.
On exports, he called for merchandise export target of US$400 billion for 2019-20, up from US$331 billion now. Fiinews.com
