India's election manifesto should be big-ticket reforms: CII President
Apr 11, 2024
New Delhi [India], April 11 : As the country is inching towards the first phase of voting on April 19 for the Lok Sabha election, India's top industry body, the Confederation of Indian Industry (CII), has come out with its own manifesto, which will push the growth of the country.
R Dinesh, President, said that the country's manifesto should be inclusive of the economic growth of the country as well as industry, and to make that happen, one of the important areas is for big-ticket reforms to happen.
Speaking with ANI CII President, he said, "From an industry perspective, let me make four broad points. First and foremost, we are saying that India should have growth and it should be inclusive growth, which is very important for us, both from an industry perspective and also from the country's economic growth perspective."
He emphasised big-ticket reforms and broad consensus amongst the centre and the states to make the sea-change.
Dinesh said that includes land labour and, to a certain extent, the agricultural sector, which requires support.
"To make that happen, there has to be a broad consensus built amongst the centre and the states. GST structure type of a body will help the implementation of these reforms in a proper and phased manner and make it possible and feasible for the growth of India to be happening," said CII President.
He further added that MSMEs need to get better access to the formal economy and funding from banks and fintechs.
"What is needed is that the Emergency Credit Line Guarantee Scheme (ECLGS) scheme, which the government had announced, can be institutionalised as a support for them and to make that happen, that needs to be done in a rating agency tie-up, that can provide a suitable rating for MSMEs so that they can get access to the banks and the FinTech players," said Dinesh.
"MSMEs have a challenge in terms of getting the funding for the transition to sustainability and green energy that also needs to be supported," he added.
Talking about the rise of Sensex from 25000 to 75000 in the 10 years of the Modi government's tenure, Dinesh said that the stock market tends to reflect what they're looking for in the future.
SEBI chairperson said in an event very recently on the stock market that the valuations are dependent on the growth of the country, so it is important to look at the growth of the country, so far to make that happen.
"Looking at more than a 7.6 per cent rate of growth, India in 2026-27 will become USD 5 trillion economy, and in 2030 it will become USD 7 trillion economy," added CII President.
