Industry Endorses PM's Inclusive Growth Agenda, Indian Industry Lauded Prime Minister's Inclusive Growth Strategy, Indian Prime Minister's Inclusive Growth Strategy, Indian Industry Agreed With PM's Three-Fold Strategy of Increasing Investments

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SME Times News Bureau | 25 May, 2010
India Inc Monday lauded Prime Minister Manmohan Singh's strategy for inclusive growth and to rein in inflation.

"FICCI is fully in agreement with the prime minister's three-fold strategy of increasing investments in social and economic infrastructure, enhancing productivity in agriculture and giving a fresh impetus to the manufacturing sector," Rajan Bharti Mittal, president of the industry lobby, said.

He urged the government to frame a clear manufacturing strategy.

"India's industrial sector is performing rather robustly and this can be further enhanced through a suitable manufacturing policy," Mittal said.

ASSOCHAM president Swati Piramal welcomed the prime minister's twin focus of reining in inflation and achieving an 8.5 percent growth in 2010-11. She said that for 10 percent growth in medium term, the reform process should be taken further at various levels, including social and financial sector.

"Concerted efforts in these directions would make the growth of the (world's) second fastest growing Indian economy more sustainable and inclusive," she said.

The chamber also urged the government to take note of external shocks and developments owing to sovereign debt crisis in European economies.

Another industry body, the PHD Chamber of Commerce and Industry also lauded the emphasis placed by the Prime Minister on achieving the target of 10 percent growth which is inclusive in nature, both in the economic and political domain.

Agreeing with the Prime Minister that world economic recovery is still fragile as is demonstrated from the recent crisis in the Euro-zone, the industry body said that it has become imperative to achieve a political consensus to fulfill the unfinished agenda of reforms.

The chamber also suggested a slew of measures such as initiating fiscal discipline by reducing revenue deficit, and ensuring productive use of scarce resources, removing institutional and infrastructure bottlenecks both in the rural and urban area, and initiating state level reforms to strengthen our investment climate.

"Besides, more should be done by way of improving our education and health infrastructure," it said.

At a press conference, the prime minister said India performed better than most global economies and will grow at 10 percent in the medium term with moderate inflation even as social inclusion would remain at the core of government agenda.

He said the government attached the highest priority to containing inflation.

He said the deprived communities, including the scheduled castes and scheduled tribes, other backward classes, minorities and women, will continue to receive priority attention.