The growth prospects envisaged by Economic Survey 2013-14 are rational and inspiring as the real GDP growth is anticipated to scale up in the 5.4% to 5.9% trajectory in 2014-15, said Sharad Jaipuria, President, PHD Chamber of Commerce and Industry (PHDCCI) in a press statement issued here on Wednesday.
It is encouraging to know that the fiscal outcome of the Central Government in 2013-14 was achieved despite the complex macro-economic challenges such as slowdown in economic growth, rise in global crude oil prices and slow growth of investment, he said.
We believe, the needed reforms anticipated in the survey such as low and stable inflation regime, tax and expenditure reforms and regulatory framework would go a long way to restore macro-economic stability in the coming times; whereas removal of restriction on farmers to buy, sell and store their produce to customers across the country and world would help to restore price stability, Jaipuria said
Rationalization of subsidies on inputs like fertilizers and food is essential to achieve fiscal consolidation. Going ahead, serious efforts are needed to rejuvenate manufacturing sector growth trajectory since the last many quarters, he said.
We are hopeful that the Union budget will provide a calibrated road map to resume high growth trajectory once again along with price stability and inclusive development of the country, Jaipuria said.