GN Bureau | September 8, 2015
Industry leaders today told the government on the need for greater monetary easing at least to the extent of 75 basis points and that the rupee must be allowed to depreciate to preserve domestic price competitiveness in global trade. At a meeting attended by prime minister Narendra Modi along with finance minister Arun Jaitley and other Cabinet ministers met India Inc. The contours of the meeting primarily included deliberating on the recent global developments and the opportunities it presents for India.
Global market turmoil as well as domestic issues such as the Greece crisis, ongoing China crisis, Sensex at 15-month low, rupee at 2-year low perhaps prompted this meeting.
Sumit Mazumdar, president, CII said the government in fact wanted India Inc to suggest ways to speed up progress on various fronts. According to him, the three key takeaways that were discussed are: India has strong fundamentals that has protected it from the China-led turmoil. Second, was what further needs to be done for ease of doing business and third, a discussion on specific industry-related issues and a lot of talk on agriculture. None of the legislative issues were discussed except some discussion on GST, said Mazumdar.
Assocham chief Rana Kapoor said the main focus was on the government improving the quality of spending in growth sectors like soft infrastructure and core infrastructure development. So infrastructure investments could be one of the key takeaways from the meeting, he said.
Jyotsna Suri, president, FICCI, said they had put forth some points to the prime minister that along with focus on foreign investment into India, domestic investment also needs to be looked at and both need to go hand-in-hand. She said FICCI suggested a need for more access to capital at a reasonable cost to boost domestic investments.
Meanwhile, Jaitley said that India will be among the lesser impacted economies because of the global economic turmoil. The finance minister was speaking to media after a meeting of Modi with industry leaders. The PM's meeting with industry leaders lasted for over three hours, Jaitley said.
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