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CII demands immediate steps to revive the economy

02 Jun 2012 Evaluate

The confederation of Indian industry (CII) has demanded that the government should take immediate steps to revive the economy. These demands are coming on the back of the fact that economic growth has slowed down to a nine year low of 6.5%. CII is of the opinion that the slowdown in GDP numbers should serve as a wakeup call for the government and it should announce an ‘economic revival package’ to put the economy back on the path of growth.

Some of the measures suggested by the chamber are- a cut in the repo as well as the reverse repo rate by at least 100 basis points, speeding up the reform measures in multi-brand retail and civil aviation and bringing in the goods and services tax as early as possible. It has further suggested that the government should also make efforts to reduce the subsidy burden and take steps to incentivize exports.CII is of the view that these steps will not only speed up the economy but will also serve as sentiment boosters.

The CII President Adi Godrej has also suggested that to ease the pressure on the rupee, the RBI should open a temporary special window for importers of certain items, which have an inelastic demand such as crude oil, to meet their foreign exchange requirements. Further green efforts by the industry need to be encouraged by extending 25% weighted tax deduction on expenditure incurred on such initiatives.

It is noteworthy that the Indian economy is now showing clear signs of a slowdown. The growth rate of eight core infrastructure sectors like coal, cement, electricity, oil, and steel has halved to 2.2% in April against 4.2% a year ago. All major financial institutions like JP Morgan, Morgan Stanley, Stanchart and Citi have revised India’s economic growth to 5.7- 6.3%, much lesser than the earlier estimates of over 7%.

 

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