The Indian government should focus more on improving business environment through ease of doing business and an encouraging fiscal framework, industry chamber FICCI said Thursday.
"The focus must be on improving business environment through ease of doing business and an encouraging fiscal framework," the Federation of Indian Chamber of Commerce and Industry (FICCI) said in a document on the "Make in India" initiative unveiled Thursday to coincide with the official launch of the campaign.
The "Make in India" campaign, launched by Prime Minister Narendra Modi earlier in the day, can become the trigger in transforming Indian manufacturing, the chamber said.
Given the need to create a million non-farm jobs every month, manufacturing would have to grow at 12-14 percent annually, it said.
The document stated that India is unarguably an attractive investment destination given its rich demographics that feed into the intrinsic demand and supply elements of businesses. The potential, however, has remained mostly untapped for want of a truly enabling environment required for businesses to flourish.
The report also harped on enabling manufacturing set-up by providing a conducive eco-system that supports factor advantage, nurtures innovation and strengthens inter-linkages with other industries and institutions.
It also laid emphasis on attracting more capital through further liberalisation of foreign direct investment in key sectors.
