- Industry is confident of the new govt will adopt new reforms and imbibe confidence in the economy.
- A clear mandate will help restore the manufacturing sector, restore investor confidence and result in higher jobs and better investments.
- Industry’s expectations from the new govt:
- Shift its immediate focus on improving the downtrodden manufacturing sector and speed up infrastructure projects.
- Implement world-class strategies in areas such s as foodgrains, IT, leather, engineering and automobile.
- Put the country on a sound social and economic footing.
- Implement GST through consensus immediately.
- To launch growth, stable political dispensation and a multi-dimensional tool box of policy instruments is needed.
- Careful macroeconomic management will help the economy recover to a 6.5% GDP growth rate in 2014-15, against an estimated 4.9% in 2013-14. Supplementing this with more reforms will increase GDP to a 8% in next 3 yrs.
- The next 10 yrs will be a golden period if it is development oriented and well-governed. Govt’s reform initiatives in economic and fiscal policies in the coming months will impact the country’s sovereign ratings.
- The govt may face problems in regaining investor confidence, managing fiscal consolidation, regaining fiscal prudence, bettering the current account balance, and advancing banking sector’s financial strength.
- Read at: http://www.thehindu.com/todays-paper/tp-miscellaneous/tp-others/remove-hurdles-to-infra-growth-india-inc-tells-modi/article6018546.ece