Differing from its peer ASSOCHAM, industry body, the Confederation of Indian Industries (CII) commenting on the completion of the one year of the Modi government has said that there has been no big-bang investments in the first year and issues on ease of doing business still need to be addressed.
CII President Sumit Mazumder has however said that “I would much rather see the government do a slow and gradual growth, scaled up gradually where all the structural issues are in place. How long it will take is difficult to tell, but based on my discussions with various people, we should definitely start seeing results by the third or fourth quarter of this year”.
Mazumder termed as “ambitious” the government’s aim of notching up the country’s ranking to 50 on the World Bank’s ease of doing business index and said “I really want to see that red tape to red carpet happen. I don’t just want it to be statement. So that the application forms, inspectors, rigour that one has to go through to set up an industry is addressed, along with digitization of forms so that everything is quick”. He added that ease of doing business, until that is addressed, there is a great deal of reluctance because historically foreign investors have come here, tried for 3-4 years and gone back disenchanted.