leading industry chambers have hailed the BJP’s thumping victory in the lok Sabha polls. Narendra Modi is a great visionary and thought leader and well known for his astute administrative skills, ramrod straight integrity, a humble politician and a common man’s friend, said Sharad Jaipuria, president, PHD Chamber of Commerce & Industry (PHDCCI) said in a statement issued here on Friday.
Modi will take strong steps and implement its developmental policies across India and make India’s growth-strong, fast and sustainable. His credibility for turning around Gujarat’s economy and making it an attractive investment destination for Industrialists both domestic and overseas are known to all, he said
Manufacturing sector reforms should be at the top of the agenda of the new Government to enhance its growth and productivity to generate millions of employment opportunities in the economy. The State of the art infrastructure, hassle-free environment clearances, reforms in the labour laws, special attention to the MSMEs sector would be critical to increase the manufacturing share in GDP to 25% from the current level of 16%, said Jaipuria
He said that implementation of GST would be critical to remove the cascading impact of indirect taxes on economy and to create a common market across the country. GST has the potential to increaseIndia’s GDP by 2 percentage points, he said.
Reforms in the energy sector are needed not only that the sector is critical for achieving double digits GDP growth rate but also for improving the quality of life since some 600 million people in India do not have access to electricity, Jaipuria said.
Increase in agricultural productivity by providing good quality agriculture-infrastructure to improve supply-chain scenario, augment storage facilities and minimising wastages would be critical to sustain growth trajectory in the coming times, he said.
Quality of higher education and skill sets would be critical to bring more and more of our human resources in the production chain. Skill development is essential to execute the various infrastructure projects which have been stuck up because of skill deficiency in the economy. The industry is also facing an acute shortage of skilled manpower, he said.
On the other hand, the Confederation of Indian Industry (CII) has complimented the Bharatiya Janata Party on its strong performance in the General elections 2014.“The outcome of the General elections reaffirms India’s vibrant and dynamic democracy and would greatly help to revive growth and investor sentiments,” stated Ajay Shriram, president, CII, commenting on the results of the electoral process in a statement issued here on Friday.
CII welcomes the results announced on Friday that clearly expressed the decision of India’s electorate. “CII has worked closely with NDA in its previous term in the Government as well as at the State Governments. We extend our full support to the new Government and greatly look forward to engage with its leaders including Narendra Modiji in the next five years,” he said.
“The economic reforms agenda can be taken forward with a stable political dispensation and a multidimensional tool-box of policy instruments is required to kick-start growth,” noted Shriram.
“With prudent macroeconomic management, CII expects that the economy could recover to 6.5% GDP growth rate in 2014-15 as against an estimated 4.9% in 2013-14. Continued reforms could take GDP growth rate to 8% level in three years,” he said.Chandrajit Banerjee, Director General, CII stated, “With a decisive mandate, the new Government could take the tough decisions that are urgently needed to revive economic growth. The first priority is to get the cleared projects operational. This is the quickest way to revive investment demand.’’
From the point of view of sending a very clear message to the investor community at large, we shall also expect the Government to give urgent attention to issues arising out of the land acquisition act and the new companies act. A strong reform package is needed at this stage to generate the 150 million new jobs that India needs over the next ten years. Industry expects a fresh view and innovative new ideas to come up as the new government takes over, he said.
According to CII, the top priorities ahead of the new Government would be to revive economic growth and create millions of new jobs. CII would engage with the new Government to offer constructive suggestions on major issues of inflation control, fiscal consolidation, revival of industrial growth, and introduction of Goods and Services Tax (GST), said the CII press release. “CII is ready with detailed recommendations for new ministers which it would present when the new Cabinet is constituted,” Banerjee said.