India Inc lauds latest reform, asks more measure to help economy

India Inc has lauded the latest reforms measure of the government and has pitched for steps from the government and the Reserve Bank of India to bring down consumer finance rates by at least 100 basis points, ahead of the upcoming festive season. It also suggested reduction in fiscal deficit as a step towards encouraging RBI to cut interest rates.

While welcoming the recent policy initiatives, CII President Adi Godrej said 'there is a lot to be done for the economy and industry at the present moment'.

India Inc submitted ground level issues like land acquisition, environment clearances and power problems that were constraining private sector investments and also raised concern over the slow pace in the introduction of goods and services tax system.

On his part Finance Minister P Chidambaram informed India Inc that the government is keen on speeding up reforms and raised his optimism that legislation for raising FDI in insurance sector will be passed in the Winter Session of Parliament.