CII President Rajiv Memani calls for GST 2.0 reforms, expanded PLI schemes beyond electronics, and urgent action on pharma APIs to safeguard India’s economic growth and competitiveness
In the 14-point CII policy agenda for the new government, Puri suggested the rationalisation of capital gains by bringing consistency in tax rates. On the indirect tax front, Puri suggested reforms to simplify GST and including petroleum products, electricity and real estate under GST.
Dinesh identified potential external challenges and global economic volatility as areas of concern. He stressed the need for corporates to focus on resilient growth and expressed confidence in the absence of short-term issues.
Given the fast moderation in inflation, the RBI should continue with a pause in the repo rate and also change its stance to neutral, the CII President explained
On the demand for fiscal stimulus to reinvigorate the domestic economy, CII is not asking for a big check for industry, Narendran told Moneycontrol. Instead, the stimulus should be directed towards economic revival through GST rate cuts and support for those sectors seeing highest volume of job shedding, he said.
With Punjab being ranked a poor 20th in 'Ease of Doing Business' list, CII president Rakesh Bharti Mittal suggested that the state needs to pick up on its niche strengths and also bring in large investments in food processing sector and go for setting up solar farms on agricultural land.
Asked who has made a mark globally as of now, Gopalakrishnan said Flipkart and Snapdeal have made a mark and may be in three to five years from now, people would start talking about these companies in a big way.
Forbes, who took charge last week, also said it was too early to say if such issues were diluting the focus away from economic growth and development.
Talking about the GST rate, CII president, Ajay Shriram said it should be in the range of about 20%, lower than the state and centre averages.
According to CII , the induction of new (Cabinet) ministers and ministers of state would streamline governance and bring in new ideas for the economic reforms process.
In a discussion on CNBC-TV18, Kris Gopalakrishnan, executive VC, Infosys along with Sunil Munjal, joint MD, Hero MotoCorp and Rahul Bajaj, chairman, Bajaj Auto concurred that the government must focus on exports and policy.