FICCI chief says India must push its global competitiveness in current environment

The FICCI on Tuesday appreciated the interactive meeting held today with Prime Minister Narendra Modi that sought suggestions from industry for strengthening the Indian economy amidst various global economic challenges.

Highlighting the need for enhancing competitiveness, Dr. Jyotsna Suri, President FICCI, said "India has both demand and supply - a large young workforce and ample natural resources. We must push our global competitiveness in the current environment. While we should continue to market India as an attractive investment destination under the 'Make in India' campaign, it is equally important to encourage domestic investments."

Some of the key suggestions made by Dr. Jyotsna Suri, President FICCI in this meeting are:

The domestic investment is sluggish because of lack of demand and high cost of capital. Reduction in interest rates will kick start both consumption as well as investment.

.Setting up of a National Asset Management Company that could take over large NPAs would release lendable resources and also help in reducing lending rates. While the National and Infrastructure fund is in place more such funds managed by professional fund managers should be set up.

'Start-up India - Stand-up India' can play a significant role in creating livelihood opportunities. This should be implemented in mission mode with some employment linked tax rebates offered to entrepreneurs.

There should be frequent interface between government authorities and domestic industry on economic issues.