India Inc has pitched for a series of reforms in the areas of land, labour and capital, to take the Indian economy to double-digit growth in the next five years. To target Gross Domestic Product (GDP) growing up to 10 percent by 2023-24, Confederation of Indian Industry (CII) President Vikarm Kirloskar has said that the total investment requirement is estimated at $5.74 trillion (around Rs 397 lakh crore) for the next five years. Of this, he said the total investment required for infrastructure sector is estimated at $1.18 trillion (around Rs 81.72 lakh crore) for the next five years, while for non-infrastructure including agriculture and industry to be $4.56 trillion (around Rs 315 lakh crore).
CII President has stated that the private sector is facing difficulty in getting land for manufacturing units and the states have a huge role to play and there is a need to create land banks. On labour reforms, he suggested for the formulation of national employment policy and encourage states to provide fixed-term employment besides incentivising companies for creating employment. Besides, he said the government needs to bring in Direct Taxes Code (DTC) and the last leg of reforms in the GST.
According to Kirloskar, strong action to spur consumption, investments and net exports will take GDP growth rates much higher and this is the right time for India to think big and envision GDP growth rate of 10 percent to greatly improve development outcomes. With GDP growth slowed to a five-year low of 5.8 percent in January-March quarter of 2018-19, he emphasized four key drivers for reinvigorating the growth rate - boosting consumption, investments, public expenditure on social and physical infrastructure and net exports.
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