Good monsoon to boost growth in FY17, says CII chief Naushad Forbes

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According to Forbes, despite risk factors, most indicators seemed to point that the economy is headed in the right direction. There are still issues that are pending, like the GST and Bankruptcy Code; both of which are yet to be approved by the Rajya Sabha. “The reasons that are preventing GST are purely political. There are no significant differences now between the government and the Opposition for what needs to happen for GST to take place…,” Forbes said.

He lauded the Centre’s policy of allowing states to implement their own labour and land reforms. “The Central government has shown a very astute path by telling the state governments to pass their own land and labour legislations, since they are concurrent subjects. We have now seen five state governments — Rajasthan, Madhya Pradesh, Andhra Pradesh, Gujarat and West Bengal — undertake land reforms which were approved by the Centre subsequently…”

“This is a very productive way in which the more politically contentious reforms can actually be progressed,” he said.

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