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Business EconomyPosted at: May 23 2016 2:41PM


India Inc lauds Modi government’s steps for economy revival

New Delhi, May 23 (UNI) Lauding the Narendra Modi government’s effort to bring the economy on right trajectory, Indian Industries today said that the holistic reform process initiated over the past two years have been unprecedented and resonates the commitment to realize the vision of ‘Sabka Sath, Sabka Vikas’.
Commenting on the completion of Modi government in power for two years, Harshvardhan Neotia, President FICCI said, “The macro-economic situation has seen a lot of improvement and we are on a firm footing to accelerate growth further. Government has made an earnest effort to address some of the most pressing challenges at hand in order to strengthen the key levers of the economy.”
He also said that India’s GDP has witnessed a steady increase and is expected to grow at a healthy pace even amidst a fragile global economy. Inflation has been range bound with the Government making concerted effort to check the pressure points on prices. Further, the resolve to stick to the fiscal deficit target has send a positive message to the international community.
“The government’s emphasis on five key building blocks – policy reforms, procedural reforms, global outreach, devolution of power to states and a clear ambition – have helped India move on to a higher and a sustainable growth trajectory”, said Mr Neotia.
Government’s balanced approach towards policy reforms has been commendable with due weight being given to addressing both economic and social challenges.
The focus of Union Budgets has clearly been on putting in place the key enablers for strengthening growth. The thrust given to the rural economy and infrastructure sector was much required.
Another industry body, Confederation of Indian Industry (CII) also praised the efforts being put by the Modi dispensation in reviving the economic growth in a big way.
Naushad Forbes, President, CII, said, “The Indian economy is definitely much improved and more stable than it was two years ago. This reflects sound and strategic macroeconomic management to tackle inflation, keep the fiscal deficit on the target path, and curb volatility. The Government under Prime Minister Modi’s Leadership has to be commended for undertaking quintessential reforms over the last two years”.
Adi Godrej, Past President, CII and Chairman, Godrej Group, said “Industry felicitates the government on a very successful tenure so far. The macro-economic stability and robust growth have been results of some very deft economic management by the government with focus on continuous process of reforms. In the same spirit, the government has been working well on the plan to roll out GST.”
However, one area that the government needs to focus on is on Building Political Consensus so that the GST Bill is passed in Rajya Sabha. GST is a landmark reform which will straight away add upto 1.5 per cent to the GDP growth and will give the necessary fillip to most of the industry sectors of the economy and the States as well, he added.
Chandrajit Banerjee, Director General, CII, said “For industry, a key achievement of the government is relentless focus on Ease of Doing Business, including incentivizing new entrepreneurship, facilitating submission of returns, and making administrative processes more transparent. The shift to action at the state level is most welcome. We are optimistic that India’s EODB ranking can rise to among the top 50 from the current 130 within the next two years with sustained micro-level actions”.
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