ASSOCHAM appeals to all political parties to help speed up reforms measures in Parliament

As Parliament convenes for the winter session tomorrow, the ASSOCHAM today reached out to all political parties notably the Congress Party to lend support to the government in pushing through key economic reforms like increasing FDI limit in insurance and forward movement in the long pending Goods and Services Tax.

"The month long session offers us a great opportunity to accelerate the economic reforms which are so essential for boosting economic growth and employment generation. These reforms should be seen in a non-partisan manner and much above the political consideration," ASSOCHAM President Mr Rana Kapoor said in a statement, a day before the start of the winter session.

The chamber said the efficiency of legislature and the legislatures go a long way in speeding up the economic growth which alone can help India re-emerge among the fastest growing nations. The passage of the key legislations will not only bring in direct benefits but also creates several positive ripples which could make the global investors sit up and keep India on top of their radar.

"In any case, given the present global economic scenario we are well placed when it comes to investment climate and the business sentiment. However, we need to look inward and get into the basic issues that impede our growth story. The states must be taken on board and the entire political spectrum should resolve to help government take India much ahead in the ranking of Ease of Doing Business."

ASSOCHAM expressed confidence that the government, on its part, will reach out to the opposition parties and try and build political consensus on some of the contentious issues like reduction in non-essential subsidies. In fact, given a sharp reduction in the global energy prices, this is the best time to go ahead with the subsidy reduction programme.

It said since the economic growth has not really been up to its potential in the last two years, a lot of catching up is required in the next four months of the current fiscal so that the stage is set to go back to growth which is in the range of seven per cent in the FY 2015-16.

The chamber expressed the hope that the Congress Party will take a pragmatic view of the state of economy and extend support to the ruling party, especially in the Rajya Sabha where it does not have majority on its own and needs wide political support.

India Inc has a great faith in the vibrant democracy and the wisdom of political leadership.

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