Worst is over for Indian economy: CII

Appreciating the various reforms that have been initiated by the NDA government in the first 100 days that it has been in office, CII Director General Chandrajit Banerjee has said that the worst is over for the economy and a recovery is underway.

Commenting on Finance Minister Arun Jaitley's address today, Banerjee said, "CII is most appreciative of the various reforms that have been initiated by the Government in the first 100 days that it has been in office.

"Investor and industry sentiments are already up and it is reflected in the performance of the markets and the GDP figures for Q1 FY 15 are manifestations of that. We believe that the worst is over for the economy and a recovery is underway. Industry results and government data, both corroborate that belief," he added.

Banerjee further said CII is happy to see high importance being attached to manufacturing and investment.

"Manufacturing is necessary for employment and for trade expansion. Various initiatives taken by the government to revive industrial growth, attract investment in infrastructure, curb inflation, simplify tax laws including the earliest implementation of GST, allow higher FDI in insurance and defence, de-licencing of defence manufacturing items to open the sector to Indian companies, etc are noteworthy, which will help in economic growth and employment returning to high growth trajectory soon," he said.

Banerjee stated that it is heartening to note the very successful launch of the Pradhan Mantri Jan Dhan Yojana, which on very first two days saw record number of population opening their bank accounts for the first time.

"This, among others schemes, will go a long way in enhancing the inclusion agenda of the government," he added.