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The industry has welcomed the Survey, saying it provides a roadmap of innovative solutions and new ideas for the Indian economy.
“Combining a unique blend of pragmatism and vision in its assessment of the Indian economy, the Survey has rightly given new ideas for the Indian economy.
It provides a strong and convincing template for improving productivity and efficiency while boosting growth for the economy,” said Naushad Forbes, President, Confederation of Indian Industries (CII).
In a statement, CII also said that it welcomed the recommendation to incentivise good fiscal performance by the States as a means to keep the overall fiscal deficit under check.
“CII also welcomes the Survey’s suggestions that the Centre should lead the way in sound fiscal management,” it said.
Privatisation plansForbes also lauded the recommendation for political consensus on privatising aviation, banking and fertiliser sectors. “Spreading privatisation to other sectors should also be a priority, as it would release resources for investment,” he said.
CII further said that the proposed Universal Basic Income needs serious deliberation to become a mechanism to provide a minimum living standard to all citizens and remove inefficiencies in the subsidy system.
Pankaj Patel, President, Federation of Indian Chambers of Commerce and Industry (FICCI), also agreed with the observations made in the Survey for the need “to overcome the three ‘meta challenges’… namely inefficient redistribution, ambivalence about the private sector and property rights and the improving but still challenged state capacity. A clear plan of action with sustained reforms in each of these areas by the government is a must to attain sustained high and inclusive growth.”
He said, as noted in the Economic Survey, “in order to reap the long-term benefits of demonetisation, there is a need to have follow-up actions such as providing a boost to demand, lowering of tax rates, widening of the tax base and reforming the tax administration. FICCI hopes that the Union Budget to be presented tomorrow will include measures in these areas.”
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