Confident next govt will take up revival as priority, says Kris Gopalakrishnan

CII has offered a comprehensive agenda for growth to the govt, including areas of fiscal consolidation, investment promotion

Confederation of Indian Industry (CII) president and Infosys executive vice chairman Kris Gopalakrishnan today said India cannot afford a period of political instability and must strategise to reprise a high growth.

Speaking at the CII southern annual regional meeting at Chennai today, he said, “this is a crucial period for the nation and the economy and we have to be cognisant of our role as citizens and as industry in the large picture of ensuring empowerment and growth for the country.” He added, to revert to eight per cent rate of growth and maintain this for three decades or more would require dedicated and committed efforts from government, industry and citizens.

The CII has offered a comprehensive agenda for growth to the government, including areas of fiscal consolidation, investment promotion, manufacturing services and infrastructure.

“As we head into general elections, we are confident the next government would take up economic revival as a priority,” said Gopalakrishnan.

He noted, since the turn of millennium, India had witnessed unprecedented high rate of growth that has positively impacted poverty and incomes. However, in the last two years, there has been a marked slowdown in the GDP growth rate to below five per cent. “The CII expects to improve in coming years based on demographics, rural prosperity and the energy of entrepreneurs”.

He added, in today’s India, we wre increasingly witnessing a climate of lack of trust and misgivings between the various sections of society, including government, industry, civil society and people at large. This is evident in the way  institutions such as Parliament, political parties and activists had been functioning.

On research and development, he said enterprises that distinguish themselves in a competitive world and emerge as leaders were known to spend more on R&D than their competitors. “In India, we have not accorded sufficient significance to building patent capability as we are content to follow the leader. In the future, this will no longer be sustainable and India as a national must strategies to emerge as a knowledge creator. It is the consciously competitive energy enterprise that can make this happen,” he said.