Land reforms critical for growth: Ravichandran Purushothaman, Danfoss India

I believe the Budget should focus on addressing fiscal and current account deficit (CAD) corrections with the possibility of the Government taking tangible measures to address food inflation. Food inflation is largely driven by inflation increases in perishables (food basket) compared to cereals. The consumption pattern in rural and urban India has changed and need for perishables is rising faster than cereals.
 
There is a strong impetus to grow rural employment and create new jobs. With regard to manufacturing, the government should look to boost growth. In terms of a long term vision, there is a need for the government to privatise banks and government assets which can help generate income. Huge investments in infrastructure funding are also required.
 
Steps to revive the manufacturing sector
I strongly feel land reforms are critical to boost the sector. Labour reforms are also essential as some of our laws are very old and need adjustments to suit new generation industries. With regard to the focus on electronics manufacturing, government needs to implement big ticket reforms in getting semiconductor clusters in place, incentivise mobile phone, TV and consumer electronics production in India. The government must strengthen focus on the ease of doing business in India.
 
Urgent attention is needed on single window clearances on projects which will speed up the pace of development along with a clear focus on clearing existing projects and sorting of inter-ministerial issues. Structural reforms such as GST roll out need to happen. There is also need for coordination between states and centre on projects critical for infrastructure. Higher outlay for food processing Industry, a rural employment engine and a strong case to invest can bring down inflation.
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Ravichandran Purushothaman is the President of Danfoss India, and Chairman, CII Chennai Chapter