This Article is From May 09, 2014

India's Growth Seen at Over 6 Per Cent on Stable Government: Industry Body

India's economy can grow well over 6 per cent this fiscal year if a stable government assumes office and carries out systemic reforms, industry body CII's new president Ajay S Shriram said on Thursday.

"We hope for a stable government, which can carry out systemic reforms on time, then the country can easily achieve a GDP growth rate of 6-6.5 per cent this financial year, which can inch up to 8 per cent over the next few years," Mr Shriram, head of the DCM Shriram Group, told reporters in his first press conference as CII chief in Mumbai.

In the case of a fragmented mandate, on the other hand, the country may achieve growth at just about 5 per cent, he said. The new government is expected to be in place after the 9-phase general elections results are declared next week.

Unveiling the CII action plan for the fiscal themed 'Accelerating Growth, Creating Employment', Mr Shriram said that with the growth slowdown and high inflation adversely impacting employment, the industry body will urge the next government to focus on reviving growth and generating new jobs.

The chamber has identified 10 priorities in the coming year: education, skill development, economic growth, manufacturing growth, higher investment, ease of doing business, export competitiveness, legal and regulatory architecture, labour reforms and encouraging entrepreneurship.