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HindustanTimes Thu,17 Apr 2014

Industry looks to new growth impetus after PM’s speech

HT Correspondent, Hindustan Times  New Delhi, April 03, 2013
First Published: 20:50 IST(3/4/2013) | Last Updated: 23:09 IST(3/4/2013)

Business leaders on Wednesday welcomed Prime Minister Manmohan Singh’s remarks on the government’s intent to halt the slowdown in the Indian economy through a string of measures, including further easing of foreign direct investment (FDI) norms.


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“If the Prime Minister says certain things, you take it seriously. If you don’t take that seriously, who would you take seriously? I think he has made a very positive statement,” said Rahul Bajaj, chairman, Bajaj Group said.

“Growth has slowed to 5%, which is clearly disappointing ... We are seeing temporary downturn, partly due to global factors. We can get back to 8% growth rate,” Singh said at the CII AGM, adding, the government will take speedy and decisive action to push growth.

“As the Prime Minister said, we had 8% growth earlier although we had the same problems. We still have the same problems, then why should we be satisfied (with 5%). That is the question we all have to answer,” added Bajaj.

India’s economic growth is set to slump to a 10-year low of 5% in 2012-13, conforming fears of a widespread slowdown as factories are producing less, exports are shrinking, companies are offering fewer jobs and prices continue to remain high.

“The Prime Minister has addressed all areas of concern of the industrialists for the economy and he has also said that we shouldn't be pessimistic, we should be optimistic and if we do the right things, we can easily achieve higher growth rates,” said Naveen Jindal, chairman, Jindal Steel and Power.

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