There is urgent need to rationalise agricultural policies including subsidies by making them ‘input-crop and region-neutral’ to improve productivity in agriculture, Dr Mahesh Gupta, President, PHD Chamber of Commerce and Industry (PHDCCI) said.
Despite the global headwinds, economy holds immense growth potential to grow more than 8% in the next couple of years. India ranks first in milk production and accounts for 18.5% of world production. The per capita availability of milk in India has increased from 176 grams per day in 1990-91 to 322 grams per day by 2014-15, he said in a statement while expressing views on the Economic Survey 2015-16.
Raising productivity in agriculture by investing in efficient irrigation technologies and efficient use of inputs would be critical to improve the state of farm sector, Dr Gupta said.
Overall, state of the Indian economy is inspiring and we look forward to a dynamic budget announcement to pave way for strong and sustainable growth environment with a greater ease of doing business, he said.
We are proud that India is becoming the fastest growing major economy in the world.
Govt’s commitment to carry the reform process forward is highly encouraging and indicate that the double digit growth trajectory is not far away, Dr Gupta said. Economy is making great achievement in ease of doing business vis-a-vis removing barriers to entry for businesses, he said. However, lot needs to be done in the ease of doing business as the economy is moving from socialism to marketism without exit policy. Creating a more captive environment would be critical to address the exit problem which affects the performance of businesses and economy, he said .
We appreciate achievements in the power sector in last two years; record generation capacity with reforms in discoms and developments in renewable energy are really appreciable, he said.