FICCI comes out with 12-point agenda to revive economy
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Industry body FICCI has come out with a twelve point agenda for stimulating Indian economy’s growth. The trade body blamed monetary tightening, delays and uncertainty over key economic legislations, project delays on account of factors including stalled environmental clearances, problems in land acquisition, prolonged pause in reforms and an atmosphere of unwillingness in decision making in bureaucracy for the country's economic problems.
“There has to be clear recognition on the part of ruling and opposition parties that we are in crisis situation and all parties need to stand united and strengthen the hands of policy makers to take bold decisions and act decisively,” FICCI president Mr. R V Kanoria said.
Here is FICCI’s twelve point action program to address the crisis situation
1) Government should eschew the temptations of a premature welfare state and announce an immediate moratorium on any additional expenses on doles.
2) Expedite the implementation of the Goods and Services Tax (GST).
3) Ease the monetary policy and bring down interest rates by 200 basis points and CRR by 100 basis points.
4) Do not pass the Land Acquisition Bill in its present form.
5) Provide fiscal stimulus for investments across sectors.
6) Push through with FDI policy reforms in areas where action is possible outside of the Parliament – multi-brand retail, civil aviation etc.
7) Extend the price decontrol mechanism to diesel and other oil products.
8) Take steps to energize the coal sector by fostering competition.
9) Strengthen frameworks for raising funds for infrastructure financing in the economy through instruments like Municipal Bonds etc.
10) Pursue the objective of food security through productivity increase and agriculture marketing reforms.
11) Fast-track implementation of critical policies and projects like National Manufacturing Policy, National Electronics Policy, PCPIR etc.
12) Address the issue of repatriation of black money to immediately mitigate the balance of payment situation by entering into global revenue sharing agreements.