FICCI Unveils a Wish List For The New Government
"The Nation has very clearly voted for development. FICCI congratulates PM-Elect Sri Narendra Modi for the overwhelming mandate received from the largest elections ever held. Sri Modi has charted a dynamic vision with determination to lead from the front. We look forward to renewed trust, sound governance and decisive actions as enabling factors to address needs and aspirations of both our entrepreneurs and youth" said Mr. Sidharth Birla, President, FICCI."Even as the Union Budget is a ripe opportunity to spell out key policies, fiscal imperatives and plans for implementation, the interim weeks must be liberally used by our Leadership to project its vision and set a progressive tone and direction. We also hope to see measures on inflation mitigation and restoring confidence, besides road maps on job creation and national competitiveness".
"Mission-mode actions and bold decisions are most likely to deliver tangible outcomes over 6-24 months" added Mr. Birla. FICCI has made certain suggestions via our agenda for Enabling India. FICCI assured the Government of its untiring efforts and participation in developing positive policies leading to job creation and growth across regions and sectors - particularly manufacturing".
"Enabling India": FICCI's agenda for the new government
The Imperatives
Broad-based regular communication from PM's level
More From This Section
Cabinet-led decision making with full authority and accountability
Roadmap to 8% growth by 2017 and 10%+ by 2020
Creation of a Food Inflation Response & Strategy Team (FIRST) under PMO
Outline National Agenda for Job Creation
Strong Centre-State linkages, greater decentralization for development
The Important
1. Mitigate Food Inflation
De-list horticulture products from APMC Act
Higher Production/Productivity measures
Focus on post-harvest distribution infrastructure
Enhance Milk production ('White Revolution')
Enhance Fruit & Vegetables production ('Rainbow Revolution'); use of arid land
2. Revenue / Expenditure Management
GST in 2015
Revisit Subsidies and Revamp MNREGA (for asset creation)
Review DTC - inter-alia need for conducive environment for taxpayers
3. Address Tax Environment
End Tax Adventurism
Resolve Retrospective/Capital Raising related tax issues
Retrospective actions, if at all, must invariably favour the taxpayer
Rebated Income Tax for small, start-up businesses linked to employment creation
4. Strengthen Legal & Judicial Infrastructure
5. Sustainable Balance of Payments
Resolve Coal/Iron Ore impasse
Market based fuel pricing/tackle subsidies to curtail oil import impacts
Moderate import dependence for natural resources and commodities
Inspire FDI for exports, mitigate defence imports
6. Reform Factors of Production
Labour - Flexibility in labour laws
Energy - Private sector participation in coal sector; resolve gas pricing
Land - Comprehensive review of Land Acquisition Act
Capital - Deepen equity markets, re-capitalise and consolidate public sector banks (bring down government equity)
7. Fast Track Project Investments
CCI and PMG to continue with PMO monitoring
Policies must balance between environment & development
Dispute resolution on natural resources to trigger investments
8. Accelerate Infrastructure Development
2-3 mega infra projects (e.g. high speed passenger train corridors, pucca roads to each village)
PPP advisory unit to revive stalled projects
Large PPP infra projects to have pre-bid composite clearances
Privatization of ports
9. Improve Governance
Review regulations to eliminate redundancy and control-orientation
Inter-ministerial co-ordination under an 'umbrella' structure e.g. energy, infra, mining/steel
States' flexibility on certain concurrent list subjects particularly labour and environment
Implement Damodaran Committee suggestions on ease-of-doing-business
Principles based allocation of Natural Resources - no discretion
10. Economic Diplomacy
Creation of 'Gateways for Global Capital' - East & West - FICCI offers to lead the concept
Green Channel priority to hi-tech and export oriented FDI
Involvement of States & Indian Missions to enhance diplomacy initiatives
Critical review of FTA framework for greater market access for India
11. Dividend of Better Education & Skill Development
Development of faculty, digital learning, skills qualification framework, etc.
12. Improved Healthcare & Wellness
Powered by Capital Market - Live News