Industries look to more reforms in critical areas
Boost economy, exports and investments
Boost economy, exports and investments
The Indian industry has congratulated Prime Minister Narendra Modi on his landslide win from the 2019 General Election on 23 May 2019 with a call for more reform in critical areas like land and labour laws
“The continuity and stability at the centre will not only allow the government to continue with the pace of reforms set by GST, IBC and RERA, but it also brightens the chances of extending the reform mode to other critical areas like land and labour laws,” said FICCI President Sandip Somany.
“There is an urgent need to bring investments on track and boost consumption to better GDP growth from the current around 7% level, which will help in generating more jobs and taking care of the rural distress,” added Somany.
“FICCI from its side has submitted a robust agenda for growth to the government comprising measures to achieve these objectives and we are hopeful that the measures recommended by the chamber will certainly help in this endeavour,” he said.
“The six key points of the agenda are passage of the pending Bills, announcement of policies (including E-commerce, Industry, Retail and E-pharmacy), simplification of GST, lowering of interest rates, addressing farm distress and creation of an eco-system that promotes employment.”
“The government is aware of the domestic as well as global challenges and the industry expects that the required fiscal and monetary policy measures to tackle the liquidity and credit issues and also steps to reduce the cost of doing business in the country will be expedited now with the elections getting over,” said Somany.
“The next government will have to quickly plan for a robust reform agenda that would not only enhance consumer spending but will also create conditions for higher private sector investments and exports,” he added.
Congratulating the Prime Minister, FIEO President Ganesh Kumar Gupta said that the charismatic and dynamic leadership of Modi has not only given resounding victory but has created a strong mandate for his developmental and reform agenda.
“The country has been placed globally at a very high platform with this historic win,” he underlined.
Modi’s leadership has energized the overall trade and industry further assuring the continuity of reforms, stability and stronger economic growth towards a more resurgent, powerful and new India, he said.
The exporting fraternity looks forward to his continuous guidance and support encompassing economic growth, sustainable & inclusive development for all based on robust fundamentals, said Gupta.
FIEO Chief said that the country has again reposed faith in him for a strong and stable government, which would further enhance the investment climate and propel the economy towards higher trajectory.
Gupta noted that in order to further give a boost to the economy, the government has planned to prepare a list of issues that they will take up in the 100 days in office with emphasis on efficiency, delivery systems, implementation and resolving of all pending issues urgently.
Congratulating the Prime Minister, the Confederation of Indian Industry President Vikram S Kirloskar said the decisive election results will propel India’s growth pace to the next orbit and drive the transformation of the country.
“The sweeping referendum truly redefines the destiny of the country and makes this India’s century.”
“The stellar and decisive leadership of Hon’ble Prime Minister has led to this magnificent mandate for development. Industry is tremendously excited about Modi 2.0,” said Kirloskar.
“Over the last five years, the Prime Minister has brought in innovative mega missions that have changed the lives of hundreds of millions of citizens, driving a new template for development.
“With the mandate for another five years under his visionary and strong leadership, the transformation of India is on the fast track,” he added.
“This is a win for India, a win for India’s people, a win for India’s development,” he stressed.
A focused and comprehensive agenda for addressing corruption has delivered outstanding results in the last five years. Game-changing reforms such as introduction of Goods and Services Tax (GST), Insolvency and Bankruptcy Code, lowering of tax rates for small enterprises, ease of doing business, and so on have created the right environment for industry to flourish.
In addition, notable policies for easing FDI, improving the intellectual property regime, creation of new investment vehicles and others have been instituted.
Spectacular achievements such as Jan Dhan Yojana, distribution of gas cylinders, complete electrification of all villages, construction of 1.5 crore houses, quick progress in roads and highways, and many others clearly show the dedicated commitment of the Government to rapid development and the scale and efficiency of its work, according to CII.
“Transparency and rule of law while weeding out corruption has been the main pillar of the Government in the last five years, delivering phenomenal results for industry,” said Kirloskar.
With India’s international leadership greatly strengthened by Prime Minister Modi, the country is already at the high table of global affairs. The massive victory further adds to India’s global direction and position.
Congratulating Modi, ASSOCHAM President B K Goenka said: “An aspirational India has reposed great faith in Modi’s leadership. The ASSOCHAM will extend full support to his government to meet these aspirations by achieving higher economic growth through enhanced investment in manufacturing, rural and urban infrastructure, agriculture and social sectors, including health and education”.
Goenka expressed confidence that having laid the building blocks of several flagship programmes like Start-Up India, Smart Cities and Make in India, the people are assured of Government’s decisive traction to these schemes.
“A strong and stable government would bring in more foreign investment even as the domestic firms are witnessing renewed confidence. We are in for a virtuous cycle where consumption and investment drive each other. With inflation expected to stay benign, and growth set to move higher with the help of lower interest rates, we would soon be in a sweet spot, thanks to a decisive leadership”.
Goenka said the ASSOCHAM has already prepared a 100-day agenda, in the form of constructive recommendations for the new government. “Our agenda is to pluck the low hanging fruits while sowing the seeds for richer harvest”.
ASSOCHAM Senior Vice President Dr Niranjan Hiranandani noted that the central government in the last five years has done a remarkable job in areas such as skill development, women empowerment and infrastructure development.
“The country under his decisive leadership will be able to unleash opportunities in the growth potential areas to keep the tag of world’s fastest growing economy in tandem with higher employment generation. Some of his initiatives like focus on affordable housing and health, sanitation, financial inclusion; rural and urban areas made a difference to masses.”
Dr Hiranandani explained that under the leadership of Modi, the central government has taken several steps to solve the issues plaguing the industry by introducing several pro-active schemes.
Dr Hiranandani stated that the stage is set for accelerating the growth to higher level by tackling certain challenges like labour reforms, revival of investment and support consumption growth.
“The changing dynamics are expected to push the Indian GDP growth from current 7% level to higher levels,” he added.
According to Dr Hiranandani, India currently has good macros in form of low inflation, better tax compliance, fiscal prudence, high FDI and manageable current account deficit. The government can give a big push to deregulate the economy, encourage foreign investment, reduce the role of government enterprises, and further strengthen India’s trade ties with the world. fiinews.com