Lower transaction costs in business through simpler regulations, elimination of inspector raj, and a further liberalisation of the insurance and retail sectors are high on the agenda of Rajan Bharti Mittal, the new president of industry chamber FICCI.
“FICCI will like to propose a target of $75 billion (Rs 3,45,000 crore) foreign direct investment by the year 2015 from the current level of $33 billion (Rs 1,51,800 crore). At the same time we have to increase the domestic investments,” said Mittal.
“While attaining a higher level of savings to support such growth is not a problem in today’s context, it is the economy’s absorption capacity which matters. FICCI studies on the state level reforms have identified hurdles in the way of increasing the absorption at the ground,” said Mittal.
“While the policy level reforms at the central government level have progressed, it is the procedural reforms at the state level that now deserve our attention,” he added.