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India needs to get back to high growth and this requires moderate inflation and a positive business environment, said Sidharth Birla, President of FICCI, on Monday.
The country needs to create investor confidence by revitalising domestic investors and strengthening governance, policy certainty, and capital friendliness.
The industry chamber has made suggestions — imperative and important — to achieve high growth.
There should be broad-based communication from the PM level, Cabinet-led decision-making and creation of a Food Inflation Response and Strategy Team, among others, Birla said.
“India also needs to implement GST by 2015 and revisit subsidies and revamp MNREGA (the Mahatma Gandhi National Rural Employment Guarantee Act), review DTC (direct taxes code),” he added.
FICCI has also suggested steps to address the tax environment such as rebated income tax for small start-up businesses, resolve retrospective/ capital raising tax-related issues. “We also need a comprehensive review of the Land Acquisition Act urgently. There should be certainty on time lines and modifications are needed to boost new industry and new investment,” Birla said.
The industry chamber has also suggested creation of two 'Gateways of Global Capital' — Singapore in East and London in West — for the country's leadership to engage with global community.
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