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The new CII President Naushad Forbes, who is the Co-Chairman of Forbes Marshall, has pegged India’s GDP growth in the 8 per cent range in 2016-17.
“Strong macro-economic fundamentals, favourable business sentiments, and downward trend in interest rates are significant positives for the economy. CII estimates that Government infrastructure investments and increased investments from the private sector will boost GDP growth to the 8 per cent range,” he said, addressing his first press conference after taking over as the CII President, on Wednesday.
He, however, pointed out that external demand, flat corporate performance, fiscal pressure from the Seventh Pay Commission, and potential increase in oil prices in the coming year could pose as the risk factors. Talking about the CII’s theme for the year — Building National Competitiveness — Forbes said that no country has grown without rapid increase in productivity at all levels, including human resources, capital and innovation. “India must accelerate its productivity through strategic interventions on building human talent, quality, and technology,” he said, while adding that employment generation and entrepreneurship will be the key. Lauding the government for its reforms agenda, he said other areas need to be addressed at the policy level which includes quick passage of the constitutional amendment to introduce the Goods and Services Tax, the Bankruptcy Bill and a uniform public procurement policy.
He also outlined the CII action plan for the year which includes setting up of three model career centres, CII University in Amaravati, besides continuously monitoring the progress of ‘Ease of Doing Business’ in the country. It will also launch the CII Model Code of Conduct and Code of Good Corporate Citizenship to guide members on ethical business. “To facilitate R&D, CII proposes to establish India Design Center, Indian Industry IP Foundation, and a National Start-up Center for non-IT rural entrepreneurship,” he said.
The CII has called for targeting total R&D spending at 2 per cent of GDP with equal shares of public and private sectors, he added. The CII will also undertake a national movement for doubling energy efficiency by 2030. Other initiatives include the launch of CII Market Facilitation Services for Indian companies to operate overseas.
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