Industry welcomed the economic proposals of the National Democratic Alliance's election manifesto, calling it bold and forward looking. |
Federation of Indian Chambers of Commerce and Industry (Ficci) president YK Modi stressed the speedy implementation of the proposals and the need for judicial reforms. |
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"Both the Congress and NDA manifestos look fine but who will be able to deliver is the question," he said. |
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Welcoming NDA's proposal of allowing foreign direct investment (FDI) in retail and increasing the FDI limit in the insurance sector, Modi said the retail sector would generate more employment if it was opened up. "Also, the insurance sector should be opened up as it will bring in more money to the various insurance-related sectors," he said. |
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According to Saurabh Srivastava, chairman, Xansa, an IT and outsourcing company, all the parties are beginning to feel the need for a vibrant industry. "But, in recent times, it is the NDA that has shown a serious will to carry out the reforms. The same attitude is reflected in their manifesto," he said. |
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He added that the statements of certain Congress leaders on economic issues was a cause for concern for the industry. "Their statements about reservation in the private sector show that they still have a mindset of the regulatory era," said Srivastava.The business community feels that the major difference between the two camps lies in their stance on the disinvestment issue. |
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"Congress suggests selective disinvestment with job reservation even in the private sector, while the BJP promises to continue the disinvestment process," said Modi. |
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Atul Punj, managing director, Punj Lloyd, said both the Congress and the NDA were speaking the same language on economic policies. |
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"Both are talking about reducing the fiscal deficit, changes in the tax regimes and making the manufacturing sector more competitive," Punj said. |
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On the proposal of allowing 100 per cent FDI in the aviation sector, Modi said, "The government should allow players from the various airlines to invest in India. The non-airline investor clause is not attracting many players." |
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"The government should initiate more reforms in the labour sector. Also, India should be made a market with lesser octroi and freight charges," Modi said. Parties should also look at the issue of value-added tax (VAT), he added. |
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