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Budget must ensure non-inflationary growth - Survey
28
Feb '08
The Economic Survey has clearly spelt out an action agenda for reforms in the current global and domestic economic environment.

FICCI hopes that the Union Budget to be presented by the Finance Minister tomorrow contains sufficient triggers to enable the government to implement the new initiatives in right earnest, observed FICCI.

The Survey's emphasis on deregulating sugar, fertilizer and drugs sectors should also be an integral part of the reform agenda, said FICCI.

The Survey sets out the overall direction of government policy for ensuring a non-inflationary growth along with speeding up and sustaining growth at 9%.

FICCI agrees that maintaining the growth rate at 9% will be a major challenge and pushing it to double-digit levels would be an even greater task in the context of the slowdown of the global economy and the threat of rising inflation within the country.

FICCI also agrees with the Survey's emphasis on reforms such as opening up the retail sector to FDI, hiking the FDI ceiling to 49% in insurance and selling up to 10% equity on Navratna PSUs.

FICCI, however, does not agree with the survey's suggestion that schemes should be streamlined to check SEZs proliferation.

The chamber underlines the need for resumption of disinvestment of PSUs and wholeheartedly welcomes the new proposal for all allowing 100% FDI in new private rural agricultural banks which can cater to the credit needs of Indian agriculture.

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