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New govt can push reforms easily: FICCI President
May '09
The stage is set for a new wave of reforms as the UPA prepares itself to form the new government led by Dr. Manmohan Singh. “The Indian voter has given a clear verdict in favour of stability, continuity, growth and economic progress,” said Mr. Harsh Pati Singhania, President, FICCI, adding that the mandate to the UPA sends out positive signals to the world at large that the Indian democracy is fully functioning and that its voters have shown a high degree of maturity.

Addressing media persons here, Mr. Singhania said, with a clear mandate given by the voters, India Inc. now expects the new UPA government to pull out all stops and unleash a slew of reforms in the area of pensions, insurance, banking, disinvestment, labour, private participation in defence and retail.

“The time has come to respond swiftly and decisively to the changing economic environment and bring back the economy to the path of at least 7% growth in the next six months ,” said Mr. Singhania. FICCI, he said, would present to the government and the Prime Minister a 100-day agenda that focuses on economic recovery and a sustained growth of 9% plus through a series of measures aimed at beefing up investment and fiscal measures to stimulate consumer spending.

The time is also ripe for the new government to devote all its energies to implement the stimulus packages it has rolled out in the last six months. “It is also crucial now to bring about a second green revolution, a skill revolution and a retail revolution, the three-fold challenges that need to be overcome to ensure inclusive growth that is so vital for the long term growth with economic and social justice for India,” the FICCI President pointed out. It was also imperative to initiate measures speedily to give a fillip to exports and the SME sector, he emphasized.

Federation of Indian Chambers of Commerce and Industry

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