Ficci hails Modi govt’s positive sentiment and CII sees new growth narrative

First anniversary of Narendra Modi government has put focus on brand India, feel industry bodies

GN Bureau | May 26, 2015


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On the first anniversary of Narendra Modi government the Indian industry organizations see positive sentiment in the country and credit the administration of restoring investors’ confidence as well as brand India.

While Ficci says there is positive focus on India and that that no government at the Centre has worked so hard in one year to reverse the spiral of negativity, the CII feels the government has scripted a new growth narrative.

Addressing a press conference Ficci president Jyotsna Suri said the Modi government in its first year in office had sparked a positive sentiment, restored investor confidence and established brand India.

"Prime Minister's extensive international travels have brought a positive focus to India. Today, India's macro-economic performance is far better than what we had one year back."

"GDP growth has improved, inflation is considerably lower, fiscal and current account deficit are under control and we are seeing an influx of foreign investment into the country."

The seeds of development have been sown and it is just a matter of time when we shall reap the fruits of all these efforts, Suri said.

Suri said that no government at the Centre has worked so hard in one year to reverse the spiral of negativity and brought in policies that will spur demand and growth in the very near future.

Touching the issue of land acquisition she said “the government has also taken steps to ease difficulties in land acquisition and though the issue is still being debated in the Parliament, we hope that a pragmatic solution will soon follow.”      

Suri emphasized that several reform measures have been initiated by the government and this  year’s  Union  Budget  has  set  a  highly  progressive  agenda  to  unleash  India’s  economic potential. Policy measures have been taken up across a wide spectrum including infrastructure,  labour, land, energy, skill development, agriculture, financial inclusion as well as social issues like sanitation. At the same time, government is making efforts to create a conducive business environment based  on  a  simplified,  transparent  and competitive  tax  regime.  Further, the regulatory structure is being revamped to bring efficiency and transparency in decision making and to build the trust and confidence amongst investors.

She said that a slew of legislative and executive actions have been undertaken to create an enabling environment for growth of enterprises. Alongside amendments to three major labour laws,  government  has  initiated  steps  for  bringing  transparency  and  accountability  in compliances of labour laws. With amendments to the Coal and the Mines & Minerals Act, the government  has  paved  way  for  an  era  of  competition,   efficiency  and  transparency  for  key natural resources by fostering fair play through market forces.

Meanwhile, CII director general Chandrajit Banerjee in a statement said, "In its first year, the government led by Prime Minister Narendra Modi has turned around investor sentiment and taken strong action across multiple sectors for scripting a new growth narrative."

"Policies have contributed to infusing more competition into the market, harnessing new levers of growth, and dispersing more powers to state governments in the spirit of federalism."

"Combined with effective measures to tackle subsidy leakages, auction of natural resources and passing of critical legislation, these steps would aid India's GDP growth to accelerate to 8.2 per cent during the year," CII hoped.

The Government dismantled the ‘planned’ economy by replacing the Planning Commission with the NITI Aayog which would formulate data-based growth strategies, added Mr Banerjee. “The Government’s well-strategized macroeconomic management for inflation and fiscal prudence, resulting in lowered interest rate regime, sets the stage for a new investment cycle,” Banerjee stressed.

Banerjee stated that “multiple innovative campaigns address key gaps and imperatives such as manufacturing under Make in India, urbanization with the Smart City initiative, sanitation and public health through Swachh Bharat Abhiyaan and financial inclusion under Jan Dhan Yojana. The JAM trinity of Jan Dhan Yojana, Aadhar and mobile technology would be a game-changer for subsidy dispersal. Insurance and pension schemes too provide a new level of social security to vulnerable sections of society,” said Banerjee. 

“Combined with effective measures to tackle subsidy leakages, auction of natural resources and passing of critical legislation, CII believes that these steps would aid India’s GDP growth to accelerate to 8.2 per cent during the year,” Banerjee stated.

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