FY14 will be a year of growth: CII

The lobby body for industries Confederation of Indian Industry (CII) today said that 2013-14 will be "year of growth" with 8-9%. The body said the growth should accelerate reforms including implementing GST, FDI in retail and other measures.

Adi Godrej, president, CII said that in 2008-09 and 2009-10 our economy grew by 8.4% however it fell to 6.5% and further it came down to 5.3% in January-March quarter.

"We feel this is not because of global economy and we need  major reforms needed in the country."

The government should accelerate implementation of GST, direct tax code, FDI in aviation, pension and retail and others.

"We need co-operation between government and opposition. Economic growth should be the focus, while politics should be avoided."

Atleast state governments which are ready to allow FDIs in retail should be allowed to do so, said Godrej.

He further said that the government should control subsidy, fiscal deficit and look at more disinvestment and need to address negative sentiments, which were created due to GAAR, violence in Maruti, recent grid failure.

"We suggested to RBI that interest rate need to be brought down."