Industry bodies expect new govt to reform policy on manufacturing
Updated: May 13, 2014 03:10:20pm
New Delhi, May 13 (KNN) Expressing concern over slow growth in March, 2014, industry bodies have said the new government should reform and implement the policy on manufacturing sector to accelerate the growth.
The apex industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM) said the government should approach a systematic arrangement to improve industrial performance.
“To start with, the new government must work towards building investor confidence with measures like reducing the investment allowance eligibility limit to Rs one crore from the existing Rs 100 crore, besides the policies and processes that govern industry need to be reviewed on priority basis,” said ASSOCHAM Secretary General DS Rawat.
He said a number of factors have pulled down industrial performance through significant cost and time overruns such as delays in land acquisitions, environmental clearances, cost of finance, lack of infrastructure support, linkages and others.
Meanwhile, the Federation of Indian Chambers of Commerce and Industry (FICCI) said weak demand and investment conditions continue to plague manufacturing sector. It said bold reforms and implementation of policy by the government will enable a high growth path where manufacturing will play a significant role.
“Industry is looking at announcements in new Budget and Foreign Trade Policy to boost manufacturing and investment, and we hope there will be supporting steps from the Reserve Bank on the monetary policy side,” said FICCI President Sidharth Birla. (KNN/ST)
The apex industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM) said the government should approach a systematic arrangement to improve industrial performance.
“To start with, the new government must work towards building investor confidence with measures like reducing the investment allowance eligibility limit to Rs one crore from the existing Rs 100 crore, besides the policies and processes that govern industry need to be reviewed on priority basis,” said ASSOCHAM Secretary General DS Rawat.
He said a number of factors have pulled down industrial performance through significant cost and time overruns such as delays in land acquisitions, environmental clearances, cost of finance, lack of infrastructure support, linkages and others.
Meanwhile, the Federation of Indian Chambers of Commerce and Industry (FICCI) said weak demand and investment conditions continue to plague manufacturing sector. It said bold reforms and implementation of policy by the government will enable a high growth path where manufacturing will play a significant role.
“Industry is looking at announcements in new Budget and Foreign Trade Policy to boost manufacturing and investment, and we hope there will be supporting steps from the Reserve Bank on the monetary policy side,” said FICCI President Sidharth Birla. (KNN/ST)
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