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Bharat Chamber of Commerce has urged the Centre to focus on transforming the ‘presently stagnating’ manufacturing and agriculture sectors.
In its publication entitled ‘Economic Agenda for the New Government’, which has been submitted to the Prime Minister, Narendra Modi, the Chamber has underlined the need for a forward looking industrial policy with ‘well-defined road map and milestones’ for growth of core and other sectors.
According to Sitaram Sharma, President, Bharat Chamber of Commerce, one of the top priorities of the government should be to revive corporate investment which has been low for some years now.
“Some of the initiatives like Make in India, Digital India and Start-up India have largely failed to take off to the desired levels. These need to be revamped and recast in view of past experience,” he said.
The Chamber also highlighted the need for bringing in fiscal stimuli to spur consumption. “There is need to push rural demand for consumption revival. There has been a steep fall in rural areas,” he said.
The NDA 2.0’s priority should be to look at the gaps and failures and evolve a new outlook for economic growth.
Talking about development in West Bengal, Sharma remained optimistic that the strained political relation between state and central leadership in recent months would not impact the Central PSUs’ investment plans in the state.
“Senior officials of various central government agencies had proposed several important projects in Eastern India. However, those projects are yet to be completed and it is expected that the newly elected Government will begin work with renewed vigour and complete those projects in due course,” he said.
He said Prime Minister Narendra Modi should maintain his commitment to development of the East and North-East for overall India's growth story and boost the Look East policy.
“During NDA 1.0 the Prime Minister laid great emphasis on the need for developing the Eastern and North-Eastern states of India. However, this development story will remain incomplete if West Bengal, which is also a gateway to the North-East, remains uncared for,” he pointed out.
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