CII Urges Govt To Speed Up Reform Process To Boost Growth

According to media reports, industry body CII has called on the centre to fasten the ongoing reform process including ensuring quick implementation of the GST, addressing the problem of cheap imports and enhancing the investment climate, in a bid to help bolster growth in Asia's third biggest economy which grew by 7.9 per cent, year on year in the March 2016 quarter.

CII Urges Govt To Speed Up Reform Process To Boost Growth
The Modi government which recently completed two years in power also needs to swiftly enforce the budgetary announcements particularly in the infrastructure space, bolster exporter competitiveness and resolve the issue of delayed payments, a CII survey, which tracks growth in economic sectors on a quarterly basis, said.

The survey added that most of the sectors continue to show 'moderate growth' trends but 'excellent' and 'high' growth is restricted to some sectors only.

"Going forward, on the back of the various measures and structural reforms taken by the government, it is expected that the current momentum would be supportive of the revival becoming broad based in the coming quarters," the CII survey said.

"Increasing tax credit and providing tax deduction for R&D would provide a competitive edge to several sectors involving R&D. Tax incentives would significantly help small companies, which face a difficult task of acquiring credit from banks," it added.

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Story first published: Monday, June 6, 2016, 9:20 [IST]
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