Implementing business reforms key to higher growth

It is most critical to kick start the domestic private capital expenditure cycle, says Department of Economic Affairs

The Dollar Business Bureau 

  In order to see India’s economic growth at 9-10%, , said Amitabh Kant, Secretary, Department of Industrial Policy and Promotion (DIPP). “These measures would enable India to break in to the top 50 countries on the World Bank’s Ease of Doing Business Ranking list over the next two-three years,” Kant said at an event of the Federation of Indian Chamber of Commerce and Industry (FICCI) in New Delhi on Friday. Shaktikanta Das, Secretary, Economic Affairs, stressed on the need to give a thrust to skill building and said that the government is also working towards addressing key challenges in agriculture and banking sectors. He said that it is most critical to kick start the domestic private capital expenditure cycle. He also expressed hope that the Goods and Services Tax (GST) would be in place soon and the Centre and states were fully prepared administratively to take this tax reform measure forward. Meanwhile, Aruna Sundarajan, Secretary, Steel, said that it’s the high time for India to have its own strategy. There is a need to give a thrust to entrepreneurship. Also, the greater technology diffusion will be the key to move to a higher growth trajectory. It was now time to deepen the process of reforms and focus on initiating and implementing the next stage of reforms, she added. Anup K Pujari, Secretary, MSME, said, “While we already have a lot of good policies on paper, it is the implementation of these policies which is imperative”. Instilling a feeling of trust among the people was imperative for the successful pursuit of the reform agenda, he added.  

December 19, 2015  | 02:05pm IST

The Dollar Business Bureau - Dec 19, 2015 12:00 IST