Manmohan Govt will sustain reforms, 7-8% growth: Industry

PTI | ByPress Trust of India, New Delhi
May 31, 2004 06:54 PM IST

Under Manmohan's leadership, there will be continuation of reforms and emphasis on infrastructure and agriculture, said India Inc.

Welcoming the new Government under the leadership of Prime Minister Manmohan Singh, industry captains on Saturday said the country would be able to grow by seven-eight per cent with continuation of reforms and emphasis on infrastructure and agriculture.

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"Under Manmohan Singh's leadership, the process of economic reforms would be sustained and the country would be able to grow at an annual rate of seven-eight per cent," CII president Anand Mahindra said.

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He expressed confidence that India would be able to attain 10 per cent growth with sustained reforms.

FICCI president Y K Modi said: "Industry is happy and confident that Dr Singh and his council of ministers will deepen and broaden the reform agenda and focus on governance and implementation of issues drawing from their wealth of experience."

Welcoming the draft Common Minimum Programme, Assocham president MK Sanghi said: "The new Government's emphasis on urban rural connectivity by extending support to agri-sector will create conducive environment to enhance purchasing power in the rural sector, create agri-entrepreneurship class and give impetus to the industrial growth."

Speaking on same lines, PHDCCI said: "if the economy has to sustain high growth, capital expenditure by Government for agriculture has to increase on a sustained basis."

Congratulating the Union ministers, Mahindra said: "the new coalition Government led by the Congress will work strongly in the areas of infrastructure development, manufacturing growth, rural economy, healthcare, education and water management."

Supporting the new Government's decision of not privatising profit-making PSUs, Sanghi said: "Assocham extends full support in this direction but wants the Government to give them autonomous power to make them globally competitive."

He stressed on early implementation of Value-Added Tax to remove artificial barriers and corruption in the development of a common market.

Assocham also hoped that Singh will take serious measures to curtail unproductive expenditures and reduce the size of the Government, wherever possible, by merging some of the ministries or departments.

CII offered full support and partnership to the new Government in its tasks of development and growth.

PHDCCI said the new Government should step up investments in irrigation facilities, cold storages, post and pre-harvest processing facilities and rural roads.

"Necessary steps shall have to be taken up by the state governments in particular, to enhance Government spending on agri-infrastructure and improve production," it said.

PHDCCI also proposed higher spending on R&D in non-traditional and cash crops like pulses, oilseeds, cotton, sugarcane, horticulture and animal husbandry.

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