FICCI Comments on Completion of Central Government’s Two Years in Office . . . . reports Asian Lite News
FICCI congratulated the Prime Minister Shri Narendra Modi and his team on completion of two years in office. “The holistic reform process initiated by the Government over the past two years has been unprecedented and resonates the unwavering commitment to realize the vision of sabka saath, sabka vikas”, said Mr. Harshavardhan Neotia, President, FICCI.
According to Mr Neotia, the macro-economic situation has seen a lot of improvement and the Indian commerce sector is on a firm footing to accelerate growth further. Government has made an earnest effort to address some of the most pressing challenges at hand in order to strengthen the key levers of the economy. India’s GDP has witnessed a steady increase and is expected to grow at a healthy pace even amidst a fragile global economy. Inflation has been range bound with the Government making concerted effort to check the pressure points on prices. Further, the resolve to stick to the fiscal deficit target has sent a positive message to the international community.
“This improvement has been a combined result of a well laid out strategy and a good implementation plan. The Government’s emphasis on five key building blocks – policy reforms, procedural reforms, global outreach, devolution of power to states and a clear ambition – have helped India move on to a higher and a sustainable growth trajectory”, said Mr. Neotia.
Government’s balanced approach towards policy reforms has been commendable with due weight being given to addressing both economic and social challenges. Creation of meaningful livelihood opportunities remains a top priority and this in fact has been central to the major campaigns (Make in India, Skill India, Digital India, Standup India Startup India) initiated by the Government. The youth of this country is our most important asset and channelizing their energies in a positive manner will clearly help in taking the nation forward. It is heartening to see these initiatives gaining traction on ground.
Further, due attention is being given to strengthen the country’s social security framework. The three social security schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) will allow access to affordable protection to the underprivileged sections of the society. Also, the massive success of the Jan Dhan Yojana has been exemplary and has set the base for the greater financial inclusion and better targeting of subsidies.
“The continuous effort to provide a conducive environment for businesses is also praiseworthy. It has been a constant endeavor of the Government to reduce complexity in the business environment and put a transparent and seamless ecosystem in place. These steps have already starting yielding results and we can see large investments getting committed both by foreign and domestic investors. We look forward to the era of complete digitization to facilitate the objective of minimum government and maximum governance”, added Mr. Neotia.
The untiring efforts made towards enhancing India’s global outreach are laudable. The Government has sent a strong message to the global community. Under the leadership of Prime Minister Modi we have strengthened relations with our long-standing partners as well as evolved a series of new partnerships that are important both from an economic and strategic viewpoint.
“The foreign policy agenda of the government is led by our economic requirements and we see a clear focus on economic diplomacy for national development in all our outreach efforts”, said Mr. Neotia.
Also, greater devolution of power and financial resources to states has been a significant move and will ensure efficient utilization of Government resources. States have a huge role to play in nation building and greater devolution of funds to them will allow them to meet their developmental needs better and contribute to overall growth.
Additionally, the focus of Union Budgets has clearly been on putting in place the key enablers for strengthening growth. The thrust given to the rural economy and infrastructure sector was much required. Further, the commitment to double the farm income in five years is unprecedented and points towards Government’s seriousness to fortify the agriculture sector.
“Going ahead, the Government should carry forward its pragmatic approach towards reforms. In the near term, Government can look at expediting non-legislative and executive actions which could help in further reducing the procedural impediments to growth across sectors”, said Mr. Neotia.