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The Centre will soon set up a regulatory review committee to look at issues inhibiting industrial growth and propose ways to get the growth momentum back.
Commerce and Industry Minister Suresh Prabhu, in a meeting with top industry associations including CII, FICCI, Assocham and PHD Chamber on Tuesday, also decided to put in place a monitoring mechanism to track domestic and foreign investment proposals in collaboration with States.
“We had a useful, productive and forward looking meeting with various industry chambers to find out what we can do together to push growth to a higher trajectory,” Prabhu told the media after the meeting. The meeting was also attended by Chief Economic Advisor Arvind Subramanian.
“The meeting looked at how to get the growth momentum back and boost confidence of industry in India. Once confidence builds up, investments will increase,” said RV Kanoria, Past President, FICCI, who attended the meeting.
The regulatory review committee will be headed by Department of Industrial Policy and Promotion Secretary Ramesh Abhishek and also include members from the industry.
“The effort will be to look at regulatory issues affecting industry and take steps to increase ease of doing business,” a government official told BusinessLine .
The Minister will also hold a separate meeting with the Micro Small and Medium Enterprises (MSME) sector to address their specific problems including access to credit.
Tackling excess capacity The industry has also been asked to suggest ways to utilise the excess capacity in the industry which is currently estimated at an average 26 per cent.
“The government realises that increasing capacity utilisation of the industry, currently at around 74 per cent, is important to boost performance. This can be done through domestic demand creation or by increasing exports. The industry has been asked to give sector-wise proposals on the matter,” a government official told BusinessLine .
The Commerce and Industry Ministry will also start receiving regular feedback from the industry on the ground level situation, which will be built into the ranking of States’ ease of doing business.
Under the Invest India initiative of the DIPP, a monitoring mechanism will be put in place to track proposals for domestic and foreign investments in order to fast-track them by working in collaboration with States, the official added.
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