'NPAs don’t indicate industry is bad, many good firms end up having NPAs'

New Delhi, May 10 (KNN) Shobana Kamineni, Executive Vice Chairperson of Apollo Group recently took charge of the Confederation of Indian Industries (CII) as its President.  Talking to press she spoke on a number of issues that surround the Indian industry at present.

Lack of Credit

Highlighting lack of credit as a prime concern, she said the industry needs credit to function. Most of the industries try to work on proper timelines, therefore banks should not be shy in lending credit to the industry.

NPAs

Talking about the industries being declared as NPAs she said that many of the good and ethical performing industries end up having NPAs, therefore to say an industry to be bad because it has NPAs is not the right thing. Slow decision making is one of the reasons because of which this happens. She further informed that even the bank and lending institutions recognize this phenomenon but piling of interest upon interest is what leads to such a scenario.

Growth Rate and Employment Opportunities

The President predicted the growth rate figures. She said India can grow at 10 per cent in the next three years.  She further spoke about the potential Indian industry have in job creation. The industry can create over 5 million jobs every year as there are transformations along rule on contract labour. She said that in the times to come, there will be people doing more than one job at a time.

Kamineni is of the view that construction sector will generate a lot of jobs as there are several projects coming up for this particular industry. Also sectors such as healthcare, tourism, retail, social media and e-commerce are likely to employ many.

GST

Commenting upon the upcoming GST regime she said that the industry is all set for the landmark tax reform that is expected to roll out from July 1^st and her organization is on its marks to help facilitate smooth migration. (KNN/ DA)