Gandhinagar, January 15, 2014: FICCI has again underlined the need for getting back to a high growth path as this is imperative for generating the much-needed new job opportunities in the economy. The last two years have been difficult for the Indian economy with growth receding to about 5 per cent. There has been an evident pull back in the investment cycle and macro-economic parameters like the fiscal deficit, current account deficit and inflation have been under stress. The slowdown in the economy has also taken a toll on the banking system, with a clear rise in the non-performing assets.
FICCI held its first National Executive Committee Meeting for 2014 against this backdrop. We feel that to turnaround the growth trajectory, there is a need to bring focus back on stronger decision making in a time bound manner. There was unanimity amongst members on the need to bring confidence back in the economy and create an environment for enhancing private investments. The private sector accounts for more than half of the country’s GDP and plays a very significant role in nation development through generation of employment opportunities.
…The contribution of Indian industry to the country in the realm of both social and economic development is not fully appreciated by the people. Media can play an important role here by projecting this message to the public at large…” – Sidharth Birla
Mr Birla further added that there is a need for evolving an economic agenda that puts India’s development at the forefront. He stressed that Indian industry can contribute a lot to this exercise and we would engage even more deeply with the political class across spectrum to help develop the same.
The year 2014 would see the country holding its next general elections. While FICCI would welcome the result of the democratic process, we look forward to a government that would give shape to progressive and stable policies. A number of areas need a sharper focus for entrepreneurship development and employment generation, some of these include
- Enhancing the competitiveness of the manufacturing sector by easing conduct of business and enabling systemic trust
- Ensuring a balance between environment considerations and the needs of development
- Increasing manifold the investment in judicial training and infrastructure so that decisions can be arrived at in a shorter time period
- Widening of the tax base and formalisation of the informal economy
- Creating a framework for bridging the gap between the availability of human resources in the country and the employability of the trained workforce
- Planning for urbanisation in a structured manner
….with national elections now just a few months away, industry is looking forward to each party to come out with its detailed economic agenda and present it before the country in a clear manner……In fact we hope that all parties can agree on a common minimum economic agenda as any further delay will cost the country heavily…..” – Sidharth Birla
Members of FICCI’s National Executive Committee were also addressed by Mr. Narendra Modi, Hon’ble Chief Minister of Gujarat.
The Hon’ble CM shared his vision for the nation’s overall progress and development and reiterated the point that the country needs to see rebuilding of the trust between government, business and civil society. Taking the example of the rural economy, Mr. Modi said that there is ample scope for us to develop the agriculture sector with particular focus on value addition of agri-produce. This will lead to both employment generation and higher incomes in the hinterland that in turn will have a multiplier impact on growth.
Besides promoting value addition in the agriculture sector, Mr. Modi also emphasised on the need to promote value addition of the country’s natural / mineral resources.
Citing industrial sector as being the pivot for generation of employment, Mr. Modi said that there is a need in the country to give a deep thought to issues plaguing this sector. There is a need to have a holistic plan for industrial development in the country. As an example, he mentioned that to bridge the demand-supply gap in the requirement for trained work force, government needs to engage more with industry to understand their requirements.
Image Source: ANI News