The upcoming budget should be an opportunity for the government to take steps that would encourage growth and boost investments. Quicker implementation of the National Manufacturing Policy, speedier decision making under the aegis of the Cabinet Committee on Investments, ushering in the Goods and Services Tax regime, passage of the insurance and pension bills in the next session of the Parliament and bringing greater competition in the coal mining sector are some of the measures that should now be in focus, said FICCI's president.
It is noteworthy that the IMF too has cut down the growth projections for India for the year 2012-13 and this downward revision too is much larger than anticipated. This performance underlines the gravity of the situation and calls for policy action in a focused manner.
“We are losing out on our position of being amongst the fastest growing economies in the world and this would play on the minds of global investors unless some swift action is taken by the government to allay any such apprehensions, says FICCI.