While congratulating the Modi
Government on a major breakthrough in the economy, Dr. Mahesh Gupta, President, PHD Chamber, said that the dynamic
policy measures undertaken by the Government during last two years have started
giving fruitful results and economy is seeing a high growth trajectory.
GDP at 7.9% for Q4 of 2015-16 is
inspiring and reflecting the efforts of the Government to boost the economy,
said Dr. Gupta.
We appreciate the macro-economic
stability with a significant decline in inflation that has come about in the
last two years with the present government coming to power, he said.
The dynamic reform measures such as
Make in India, Digital India, Swachh Bharat, Jan Dhan Yojana, launch of Smart
Cities and eBiz platform would go a long way to put India’s growth on high
road, said Dr. Mahesh Gupta.
We acclaim the versatile reforms of
the Modi Government, covering all pillars of development, he said.
The government’s focus on financial
reforms, infrastructure build-up, industrial development, growth of MSMEs and
agriculture reforms is highly encouraging and would go a long way to further
strengthen the economy.
Reforms taken in the last two years
in clean energy sources are really appreciable. Now India is going to be a
power surplus country. We appreciate and congratulate the government for
this breakthrough, said Dr. Gupta.
The development of road sector holds
excellent performance as the pace of building roads has gone up from 2
kilometres per day to all-time high pace of 20 kilometres per day, said Dr.
Mahesh Gupta.
The Railway sector is also on the
path of speedy progress. We appreciate the Governments efforts in this
direction.
We look forward to India’s economic
growth entering high growth trajectory in the coming times under the patronage
of dynamic and fast moving reforms.
We suggest a major focus on
agriculture sector reforms to diversify the crop pattern, enhanced
productivity, and increase in irrigation facilities and seed technology to
mitigate the food inflation, said Dr. Gupta.
Improvement in India’s ranking on
World Bank’s Doing Business Index to 130th from 142nd is inspiring and we look
forward to further improvement in the coming times, he said.
All this can be attributed to the
strong reform measures of the government which have started giving visible
outcomes, said Dr. Gupta.
The improvement in rankings will
boost sentiments for production of manufacturers which will give a boost to
Make in India program of the government, said Dr. Gupta.
We look forward to the further
improvement in ease of doing business and expect it below 50 in the next three
years by 2018, he said.
We believe GST will be implemented
soon to create a common market within India to reduce the transaction costs and
cascading impact of complex tax system, said Dr. Gupta.
We believe that with the implementation
of GST, the growth trajectory will improve by 2 percentage points with a
significant improvement in ease of doing business and enhanced employment
opportunities, said Dr. Mahesh Gupta.
The high transaction costs, both in
terms of time taken and the money involved, are adversely impacting
manufacturing competitiveness and overall business performance, he said.
The policy environment must provide
provisions for reducing transaction costs. Radical decisions are needed on the
time taken for paper work and permissions on various aspects, he said.
Improvement in physical
infrastructure with targeted outcomes in the areas of road development, quality
of railway services, expansion of ports and civil aviation would be appreciated
and would help the businesses to plan their production possibility frontiers,
said Dr. Gupta.
Reforms in the energy sector are
needed to stem the increasing energy import dependence and making the policy
conducive to facilitate transformation and adaptation. Renewable and clean
energy sources must be encouraged, he said.
We appreciate the recent measures to
reform the 3 archaic labour laws by the Government, said Dr. Gupta.
Further, it is suggested to repeal
the existing labour laws, which put unnecessary regulatory burden on
businesses; simplify the exit rules for Indian and foreign entities and frame a
single comprehensive law, he said.
Dr. Mahesh Gupta said that it is
important to boost entrepreneurial growth; entrepreneurship-led economic growth
will act as a catalyst not to just boost innovation but also create employment.
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