President of India’s speech most encouraging: CII president

MUMBAI: President of India has chalked out an agenda for growth and specifically talked about reviving investor sentiments, undertaking good administrative practices, and addressing tax issues in his address to the Parliament today, said Mr Ajay Shriram, President, CII in a statement. Introduction of GST, ease of doing business and single-window clearance of projects through hub-and-spoke system of Central and state government coordination are indeed very welcome announcements. CII believes that institution of GST alone can add as much as 1.5-2 percentage points to the GDP rate of growth.

Special mention was made of developing manufacturing facilities along rail freight corridors, which is in accordance with CII's views regarding creation of new job opportunities through manufacturing. Taken as a whole, the proposed actions would have strongly positive impact on reviving growth, said the CII press release.

"Honourable President today has laid out an insightful and aspirational vision for the country, bolstered by comprehensive and multi-dimensional measures aimed at reining in inflation, boosting agricultural productivity and kick-starting the investment cycle," noted Mr Ajay Shriram, President, CII, commenting on the Address to the Nation by President Shri Pranab Mukherjee to Parliament.

The strong emphasis on skill development, urbanization, and infrastructure are in consonance with CII's perspectives, as also e-governance and judicial reforms. "Hon'ble President has also talked about fast-track, investment friendly and predictable PPP mechanism for infrastructure. We welcome the intent to have clear and transparent policies for allocation of natural resources," added Mr Shriram.

CII expects that the announcements in today's Address to the Nation would be spelled out in detail in the forthcoming Budget which is anticipated to be pro-growth, investment-oriented, and aimed at generating large-scale employment.

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