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Industry endorses Govt's vision to hasten reforms

India Inc described Govt's report card as "bold, forthright and pragmatic".

india Updated: Feb 27, 2006 17:24 IST

India Inc on Monday welcomed Government's vision to unleash reforms in the infrastructure and taxation sectors outlined in Economic Survey 2005-06.

Describing the report card of the government as "bold, forthright and pragmatic" Federation of Indian Chambers of Commerce and Industry said "the suggestion to bottleneck the infrastructure sector and hasten the pace of tax reforms correctly envisaged to give the Indian economy and industry a shot in the arm."

Assocham also sought bold policy measures with special focus on infrastructure, agriculture and oil sector reform and measures to relax corporate tax regime and control inflation.

While concurring with estimates of the Economic Survey 2005-06 that the GDP growth will exceed 8 per cent in current fiscal, the industry chamber said the government should lay stress to contain inflationary trends so that inflation rate was limited to five per cent as projected and interest rates are contained within the manageable limit of eight per cent.

Expressing confidence in the reforms, the Confederation of Indian Industry said if continued it (reforms) would well bring the economy on the tract and help achieve nine per cent growth rate.

The industry chamber was particularly upbeat as most of the sectors contribute towards country's overall economic growth.

"The agricultural sector is expected to grow by 2.3 per cent, industry by 9 per cent, manufacturing by 9.4 per cent and services by 9.8 per cent," it said.

The chamber also welcomed the Survey emphasising on the need of single energy regulator cutting across ministries to provide comfort to investors.

First Published: Feb 27, 2006 16:32 IST