Emphasising on the slogan 'Sabka Saath, Sabka Vikas', which was coined by Prime Minister Narendra Modi, PHD Chamber President Alok B Shriram on Tuesday said that ways to create employment and increasing the share of manufacturing sector in GDP should be given prime importance by Government while formulating the upcoming Union Budget 2015-16.
"We need to increase the share of manufacturing sector in GDP to 25 per cent from the current 16 per cent. It is very important that we increase the level of economic activity. The Government should take action on the root cause of the economic problems rather than acting on the small peripheral ones. The second major issue is unemployment," he said at a press conference held to discuss the key areas which need to be covered in the Budget.
The chamber also insisted the Government to provide a collateral free lending system to the Micro Small and Medium Enterprises (MSMEs), where appropriate qualitative grading of promoters and projects should be available. "If one is a manufacturer in India, one should do good quality and competitive production. If we will drive our country into a scenario where everything is protected, we will become inefficient as we were 50 years ago. The consumer will be the loser in that case. All the activities, whether they are economic, social, or political, should benefit the consumer," PHD Chamber Vice Chairman, Gopal Jiwarajka told The Pioneer.