Economy

India Inc assesses completion of two years of Modi govt

Alka Kshirsagar Pune | Updated on January 20, 2018 Published on May 24, 2016

modi

India Inc has assessed the completion of two years of the Modi government on various fronts.

Economy

“The Indian economy is definitely much improved and more stable than it was two years ago. This reflects sound and strategic macroeconomic management to tackle inflation, keep the fiscal deficit on the target path, and curb volatility. The government under Prime Minister Modi’s Leadership has to be commended for undertaking quintessential reforms over the last two years,” says Dr Naushad Forbes, President, CII.

GST

“Industry felicitates the government on a very successful tenure so far. The macroeconomic stability and robust growth have been results of some very deft economic management by the government with focus on continuous process of reforms. In the same spirit, the government has been working well on the plan to roll out GST. However, one area that the government needs to focus on is on building political consensus so that the GST Bill is passed in Rajya Sabha. GST is a landmark reform which will straight away add up to 1.5% to the GDP growth and will give the necessary fillip to most of the industry sectors of the economy and the states as well. I think all political parties should keep their differences aside to converge on this landmark reform, which is in the best interest of every segment of Indian society,” says Adi Godrej, Past President, CII, and Chairman, Godrej Group.

Ease of Doing Business

“For industry, a key achievement of the government is relentless focus on Ease of Doing Business, including incentivising new entrepreneurship, facilitating submission of returns, and making administrative processes more transparent. The shift to action at the state level is most welcome. We are optimistic that India’s EODB ranking can rise to among the top 50 from the current 130 within the next two years with sustained micro-level actions,” according to Chandrajit Banerjee, Director General, CII.

Social Sector

“The Jan Dhan Yojana, MUDRA scheme, Pradhan Mantri Bima Yojana, crop insurance, Ujjwal Yojana for free LPG connections, etc., are all directed at improving the lives of the poor. Industry believes that such targeted social sector interventions will help alleviate poverty and improve human development,” says Shobana Kamineni, President-Designate, CII, and Executive Vice-Chairperson, Apollo Hospitals

Infrastructure

“In a welcome strategy, the government has targeted infrastructure construction through public investment, including roads and highways, railways, and urban facilities. Public-private partnership models in infrastructure and new financing routes have been initiated. Infrastructure is the new sunrise sector in India today,” according to Rakesh B Mittal, Vice-President, CII, and Vice-Chairman, Bharti Enterprises.

Power

“The government has taken up a catalytic reform agenda across multiple domains since assuming charge - whether it is legislative as in the Bankruptcy Act, procedural as in direct benefits transfer, or systemic like transparent auction of resources. The power sector reforms for coal supply, financial health of discoms under the UDAY scheme and additional capacity building are bold and innovative,” says Ajay S Shriram, Past-President, CII, and Chairman & Senior Managing Director, DCM Shriram.

Taxation

“The government recognises the fact that reforming the tax system is critical to improve ease of doing business, attract investments and spur growth. In the past two years, the Finance Ministry has taken several determined measures to simplify and rationalise the tax regime and improve the dispute resolution mechanisms. Most noteworthy has been the focus on encouraging innovation and domestic manufacturing as have been the initiatives to curb black money and bring transparency,” according Rajiv Memani, Chairman, CII National Committee on Taxation, and Country Managing Partner, E&Y.

Published on May 24, 2016

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