 "Expectation management, implementation key challenges: Corporate India")
Corporate India tempered its victory celebrations for business-friendly Narendra Modi-led NDA alliance’s landslide electoral victory by highlighting the need for immediate steps to create jobs through inclusive economic growth.
Amidst demand for steps to improve business and consumer sentiments, re-start stalled projects, reduce interest rates, ease the business environment for doing business, industry head honchos said that the new government should now focus its attention on implementation of its promises.
While admitting that expectation management, given the sweeping electoral mandate, would be a key challenge for the government, CII president Ajay S Sriram impressed on the need for job creation along with inclusive growth.
Corporate head honchos also underlined that accelerated economic growth has to be coupled with speedier decision-making by the government and with more focus on governance. "The nation now awaits an era of minimum government and maximum governance,” said Sidharth Birla, president, FICCI.
“Our immediate focus is on implementation,” said Chandrajit Banerjee, director-general, CII on industry's immediate agenda for the government. “We need to see projects that have been cleared get implemented,” he said.
Thats would need careful selection of people who would take care of the last-mile delivery, points out Naresh Trehan, chairman, Medanta – The Medicity. “Get the right ministers and that itself will give the message,” noted Jagdish Khattar, chairman, Carnation Auto India. The governance part could be taken care of by ensuring that regulators are properly selected, he added. Many corporate honchos stressed on the need for a bureaucracy that takes quick decisions.
Most corporates expect the new government to lay out its road map for economic development in Budget. “Given the landslide mandate there will not be any pressure on the government to take populist decisions in the Budget. We hope they take more fundamental decisions that are important for the country over the next five years,” said head of an industry body.
Many in the industry feel that immediate concerns that need government attention includes those relating to land acquisition laws, implementation of the new company law, time bound roll-out of GST and the Direct Tax Code. While most agreed that subsidies are required for supporting certain sections of the society, they have to be better targeted, cutting down on wastage.
Amidst demand for steps to improve business and consumer sentiments, re-start stalled projects, reduce interest rates, ease the business environment for doing business, industry head honchos said that the new government should now focus its attention on implementation of its promises.
While admitting that expectation management, given the sweeping electoral mandate, would be a key challenge for the government, CII president Ajay S Sriram impressed on the need for job creation along with inclusive growth.
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Sunil Bharti Mittal, founder-chairman, Bharti group said that the decisive mandate empowered the new government to undertake some bold reforms to inject fresh momentum into the economy. “The long-term India growth story is intact, and the need of the hour is to bring back business confidence and revive the investment cycle through swift and decisive policy making with focus on jobs-led inclusive growth," said Mittal.
Corporate head honchos also underlined that accelerated economic growth has to be coupled with speedier decision-making by the government and with more focus on governance. "The nation now awaits an era of minimum government and maximum governance,” said Sidharth Birla, president, FICCI.
“Our immediate focus is on implementation,” said Chandrajit Banerjee, director-general, CII on industry's immediate agenda for the government. “We need to see projects that have been cleared get implemented,” he said.
Thats would need careful selection of people who would take care of the last-mile delivery, points out Naresh Trehan, chairman, Medanta – The Medicity. “Get the right ministers and that itself will give the message,” noted Jagdish Khattar, chairman, Carnation Auto India. The governance part could be taken care of by ensuring that regulators are properly selected, he added. Many corporate honchos stressed on the need for a bureaucracy that takes quick decisions.
Most corporates expect the new government to lay out its road map for economic development in Budget. “Given the landslide mandate there will not be any pressure on the government to take populist decisions in the Budget. We hope they take more fundamental decisions that are important for the country over the next five years,” said head of an industry body.
Many in the industry feel that immediate concerns that need government attention includes those relating to land acquisition laws, implementation of the new company law, time bound roll-out of GST and the Direct Tax Code. While most agreed that subsidies are required for supporting certain sections of the society, they have to be better targeted, cutting down on wastage.