Industry body hails Modi govt's economic agenda

Bangalore industrialists say policy is not only forward looking but also focused on bringing about a quick turnaround in the economy

The Bangalore Chamber of Industry and Commerce (BCIC) today welcomed the broad-based economic agenda announced by the new Bharatiya Janata Party (BJP) government at the Centre. The policy is not only forward looking but also focused on bringing about a quick turnaround in the economy which is currently reeling under high food inflation and declining growth, BCIC said.

“The economic agenda announced by Narendra Modi government sets the right tone and signals to the economy which has seen a downturn over the past three years. The agenda is focused on all the key aspects of the economy and governance be it investment, inflation, agriculture, poverty, urbanisation and education. On the same vein the Agenda is sending positive vibes to overseas and domestic investors that political stability and economic certainty is here to stay, which in itself will boost the business confidence,” said H V Harish, President, BCIC.

The chamber has particularly commended the government in giving its importance not only to economic, political but also social infrastructure issues, which should augur well for the overall economic development of the country.

“We particularly welcome the statement of President Pranab Mukherjee “Putting the economy back on track”, which is a must to ensure growth in incomes and poverty reduction,” Harish said.

A N Chandramouli, Senior Vice-President, BCIC, said: “The Modi government’s reiteration to job creation through tourism and manufacturing, skill development, development of 100 new cities and high-speed train networks are welcome measures and if implemented with right earnest will insulate the economy and resolve unemployment issues to a large extent.”  

The chamber feels that several policy initiatives like rationalisation and simplification of the tax regime, boost to e-governance, clear roadmap for GST/DTC roll out, focus on urbanisation, more thrust on agriculture and food processing, creating diamond quadrilateral railway network and new tourist circuits, announcing of a New Energy Policy to name a few are some of the far-reaching programmes, which will turnaround Indian economy in a few months from now.

Anuj Sharma, Vice-President, BCIC, added: “The new government should focus on growth, inflation management, fiscal policy and relationship with the Reserve Bank of India. We are much impressed with. Prime Minister Narendra Modi’s vision and commitment. We are sure there will be many difficulties during implementation, but strong will power and deep experience of Modi will help him overcome the glitches.”

He particularly commended on the government’s move to strengthen the single-window mechanisms both at the Centre and states through hub and spoke model.”

Overall the Chamber feels that the prime minister has made a good beginning with a well thought out agenda and hope with the majority the Government enjoys, even if half of the promises are met it will make a great change for which the country is clamoring for.