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DNA EXCLUSIVE: Industry captains, policymakers sing in chorus on India growth story

At the 25th CII Partnership Summit, representatives from Indian and global industries, however, emphasised the need for policy and regulatory certainty and removal of blocks in the steady implementation of contracts.

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DNA EXCLUSIVE: Industry captains, policymakers sing in chorus on India growth story
Godrej Group chairman Adi Godrej
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Industry captains and policymakers on Saturday were unanimous on their view that India's growth story will continue unabated and that the country will overtake countries China and the US in purchasing power parity index by 2050. They hinted that the Goods and Services Tax (GST) regime will stabilise in due course and boost collection.

At the 25th CII Partnership Summit, representatives from Indian and global industries, however, emphasised the need for policy and regulatory certainty and removal of blocks in the steady implementation of contracts.

Godrej Group chairman Adi Godrej said it is important that states compete with each other in attracting investments. "Besides, it is extremely important to increase consumption in India. As income rises, the purchasing power will increase and people will consume more. The government has taken steps to improve the situation by implementing GST and other reforms," he said.

Department of Industrial Policy & Promotion Ramesh Abhishek said the ease of doing business (EoDB) has gained importance under the Modi government. The efforts pushed up India's ranking 65 places from 142nd in 2014 to 77th in 2018 in EoDB.

"It is an ongoing process that we take efforts to enhance flexibility and makes it easy to conduct business activities in the countries. To facilitate this, ranks are given state wise to as to create a sense of competition between states and make business activities smooth,'' said Abhishek. He added that the introduction of GST was a great example of teamwork where the Central and states have worked together.

Aditya Birla Group chief economist Ajit Ranade said reforms are irreversible, permanent, incremental and continuous. "The introduction of GST regime, India's improved ranking in EoDB, the launch of Insolvency and Bankruptcy Code are the recent developments which will further spur the growth. It is important to note here that the while the Indian economy was opened up promoting free entry for investments after major structural reforms in 1991, with the Insolvency and Bankruptcy Code an option of free exit is introduced for businesses," he noted.

Ranade said the economy will grow further mainly in view of the stability of policies and legal environment, low and stable inflation, manageable current account deficit. He said that India receiving a foreign direct investment of $40 billion in 2018 clearly shows that it is going pretty good and is in good shape.

Confederation of British Industry Director (Trade and Investment) Ben Digby hailed the government's initiatives to improve EoDB but pointed out that contract enforcement and commercial dispute resolution in India continue to be a major challenge. He called for speedy improvement on this front.

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