Allow the govt to perform: Industry

Associated Chambers of Commerce and Industry of India (ASSOCHAM) has appealed to all the political parties, especially those that are extending direct or indirect support to the Union Progressive Alliance (UPA) government, to help the government to progress with economic reforms with greater thrust for India to emerge as a super economic power.

ASSOCHAM said that the need of the hour was to allow the government to hike the sectoral foreign direct investment (FDI) cap in various sectors of the Indian economy for attracting it higher foreign direct investments.

By proposing to hike the FDI ceiling in the various sectors including telecommunications, insurance and civil aviation, it would be easier for India to register the GDP growth of 8 per cent, the chamber said.

"The political parties should stop opposing the progressive move of the government," it said.

The focus of all the political parties, in the forthcoming monsoon session, should be to concentrate on the ratification of the finance bill, as well as on the smooth passage of as many as 40 pending bills.

The enactmen of new laws will create an enabling environment by removing a host of bottlenecks in the existing statue and build confidence of the investors.

Sanghi added that in his budget proposals, the Finance Minister P Chidambaram has incorporated enough provisions to activate the rural economy. He has also proposed to ensure that the education is wide spread and the common man has greater access to basic health.