The Indian economy needs a set of structural reforms, not just to improve economic and industrial performance, but also to create inclusive growth, the Confederation of Indian Industry (CII) said today. The revised estimates of GDP and other growth figures released by the Central Statistical Organisation (CSO) on May 31 are a clear pointer to this fact as the mining and power sectors were a big drag on industrial growth, R Seshasayee, president of CII, said. CII has suggested deregulation of the power and mining sectors. It is important to have a comprehensive vision for the entire energy sector, while focussing on energy efficiency...this will be important since India is taking the issue of energy security seriously, Seshasayee said. CII has suggested creation of an Energy Commission for developing and implementing an integrated energy policy, creation of a competitive and vibrant wholesale power market, increasing the role of and guidance from the central government through stronger incentives for states that expedite reform; and increasing CERC mandate over SERCs. Similarly, for the mining sector it has suggested policy changes like private and merchant participation in the mining sector, removal of hurdles in obtaining approvals and establishing an independent regulator. |