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HindustanTimes Thu,21 Aug 2014

Congress poll manifesto forward looking document: India Inc

PTI  New Delhi, March 26, 2014
First Published: 19:11 IST(26/3/2014) | Last Updated: 19:16 IST(26/3/2014)

Terming the Congress poll manifesto as a forward looking document, India Inc on Wednesday said initiatives promised by the party with regard to health, pensions and housing will go a long way to support inclusive growth.

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"The manifesto has pledged to restore India to 8% plus growth rate within three years and boost manufacturing to 10% with special emphasis on small and medium enterprises. This will be done by ensuring a globally competitive business and investment-friendly environment," CII said in a statement.

It said for industry, the manifesto has committed to introduce the Goods and Services Tax (GST) Code Bill and a new Direct Tax Code (DTC) Bill in Parliament and ensure that they are enacted within one year.

Describing the manifesto as "forward looking document," PHDCCI president Sharad Jaipuria said the Congress government will have to recommit itself to expanding economy and inclusive growth so that benefits of governance percolate down to aam aadmi in an equitable and fair manner.

"The industry will be happier if measures and reforms are proactively perused to execute GST and new DTC in the first six months of the new government as these have already been delayed inordinately," Jaipuria said.

Sharing similar views, Assocham said the congress election manifesto 2014 indicates growth orientated progressive policy.

"We on voluntary basis supported affirmative action in private sector and initiative lots of steps to improve employability," it said.

Ficci said the manifesto provides an aspirational vision on many key concerns facing the economic life of the nation and the people.

"Inclusive growth is an imperative, however the wide variety of rights must be only based on sound economic health of the country," Ficci president Sidharth Birla added.

Congress on Wednesday promised to push economic growth rate to 8% in the next three years, create 10 crore jobs and take firm steps to contain inflation.

In its manifesto for the upcoming elections released by Congress president Sonia Gandhi, the party also pledged to encourage FDI and push GST and DTC within one year of coming into power.

The party also expressed its commitment to create a national consensus on affirmative action for Scheduled Castes and Scheduled Tribes for jobs in the private sector.

The 15-point agenda for socio-economic and political transformation include initiatives like promoting flexible labour laws, systemic efforts to recover black money and increasing health expenditure to 3% of GDP.

The Indian economy, which grew by over 9% before the 2008 global financial crisis, has slipped to decade's low of 4.5% in 2012-13. In the current fiscal, it is estimated to expand by 4.9%.


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