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ASSOCHAM seeks extraordinary steps to revive economy
Oct '17
The Indian industry is looking up to the government to take a few extraordinary steps, such as relaxing the fiscal deficit targets and increasing public spending to boost investment -led growth, which would lead to more jobs and revival in consumer demand, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) recently said.

The chamber also wrote to the Reserve Bank of India and the Monetary Policy Committee to cut the interest rates at least by 25 basis points as the economy needs immediate measures for growth revival, ASSOCHAM said in a press release ahead of the credit policy review on October 4.

In a letter to the RBI governor Urjit Patel, ASSOCHAM secretary general DS Rawat said as growth is slowing down and investment is not picking up, the economy is facing multiple challenges, consumers have cut down on spending and businesses have lost momentum.

The recommendations come in the wake of concerns over slowdown in growth due to the transient disruptions in the economy following goods and services tax (GST) implementation and the remaining over-hang of demonetization.

The situation requires immediate government intervention to minimize any disruptive impact of GST, said Rawat.

As the effective exchange rate of the Indian rupee has appreciated against the country’s trading partners, it has adversely affected exports. Hence, RBI should target the real effective exchange rate. The chamber said.

Problems being faced by exporters arising out of GST implementation should be immediately addressed, ASSOCHAM added. (DS)

Fibre2Fashion News Desk – India

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