The Hindu Business Line : FICCI spells out strategy to revive growth

New Delhi, Nov. 2 FICCI has given a clarion call to the Government to pull out all the stops and take concerted steps to put the economy on the path of steady growth.

The emphasis must be on reviving large, medium and small industry, giving a boost to exporters, meeting the genuine credit needs of trade and business.

Releasing FICCI’s ‘Comprehensive Action Agenda’ prepared for the Government, Mr Rajeev Chandrasekhar, MP and President, FICCI, said, “The Indian economy and Indian businesses are at a critical crossroads – firm decisive policy actions are required at this stage to address the growing crisis of confidence and to put this economy back on a steady growth path for next coming years, and importantly, the focus must come back fully to growth, and not this half-hearted shared approach between tentative growth and monetary policy driven ‘inflation management’.”

The Agenda – ‘Restoring the Growth Momentum and Bringing Back Investor Confidence’ will be presented to the Prime Minister, Dr Manmohan Singh, by the FICCI President on Monday.

In its comprehensive action agenda, FICCI has recommended a series of measures to address challenges both in the real sector as well as in the financial sector.

Setting up of sectoral stabilization funds for sectors where risk aversion has suddenly shot up and liquidity is not forthcoming; lowering of the reverse repo rate by 200 basis points to disincentivise banks from parking liquidity with RBI; complete delivery of all sanctioned loan limits to corporates by banks are some of the measures suggested by the industry body.

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