Industry Voices
 
For CII, partnership with Government has always been a central priority as we believe that industry is a key player in national development. As economic reforms open up the space for efficient markets, productive enterprises and better human capabilities, Indian industry’s role has intensified and gained immense traction. Today, Indian industry is performing capably and taking the lead across sectors of agriculture, manufacturing, infrastructure and services. India’s notable achievements as one of the fastest growing markets for many areas is today the center of global attention and is setting the pace for its overall growth and development.
Mr. Vikram S. KirloskarPresident, CII, 2019 - 20

There is a welcome change in the approach of RBI towards monetary policy and interest rates. The 25 basis points reduction in the repo rate taken together with the shift in the RBI stance from ‘calibrated tightening’ to a ‘neutral approach’, would go a long way in lifting sentiment among businesses. The rate cut implemented by the RBI is in the right direction, given that the inflation footprint has been benign for some time.  The resumption of rate easing cycle, which is anticipated to bring down banks’ lending rates, will provide a fillip to both consumption and investment demand. It would reinforce the Budget provisions to stimulate demand in sectors such as housing and infrastructure.  CII is hopeful that this direction would be observed by the RBI in the coming months, and further easing in the monetary policy is done going forward. 
Mr. Rakesh Bharti MittalPresident, CII, 2018 - 19

India currently ranks at 146 out of 190 economies in the ‘Trading Across Borders’ parameter of Doing Business index. There is massive scope for reduction in the transaction costs and dwell time. Equally important is to think around new transformational policies, including exchange rate strategy, WTO-compatible export subsidies, centre-state export strategies, and market promotion strategies and trade-related infrastructure. 
Mr. Rakesh Bharti MittalPresident, CII, 2018 - 19

CII compliments the Government for ensuring a smooth and facilitative introduction of GST within one year. As the most transformational tax reform in India’s independent history, some initial teething issues were to be expected but we are impressed with the way the Government has proactively responded to concerns of industry, including MSME. Industry has largely adapted to GST and has been committed to its success. With GST now well-settled, we believe that the economy will benefit greatly from the increase in tax revenues, widening of tax base, and reduction in transportation and logistics costs. We expect that GST will contribute significantly to the GDP in time to come.
Mr. Rakesh Bharti MittalPresident, CII, 2018 - 19

GST is the most transformative and far reaching reform to India’s Indirect tax system since Independence. It brings taxpayers and tax authorities on a single platform without human interface. With uniformity of rates and elimination of multiple other indirect taxes, GST has cut out tax cascading, widened the tax net and added to tax revenues. Going forward, GST is expected to greatly add to growth forces. Industry is benefiting in many ways from GST which has streamlined movement of goods, made manufacturing aligned to natural advantages, and infused huge efficiencies across the system. Industry hopes that as the system further stabilizes, we will have fewer tax slabs and that all sectors including petroleum, electricity and real estate will be subsumed in it.
Mr. Rakesh Bharti MittalPresident, CII, 2018 - 19

CII felicitates the Central and State Governments on completion of One Year of GST. A transformational reform, GST is the most significant tax change since India’s Independence. It makes India a single market for the first time, ensuring harmony of tax rates across the country. The adjustment process down the supply chain is largely complete. Industry feedback is that most sectors have had a positive experience. The initial issues that come along with implementation of a massive tax reform have been largely addressed including for smaller firms. A few remaining areas such as complete coverage of all sectors and convergence of tax rates are expected to be taken up quickly. The  GST will greatly boost growth in coming years.
Mr. Rakesh Bharti MittalPresident, CII, 2018 - 19

The economy is in a sweet spot right now as the adjustment process regarding major reforms of the past few years is largely stabilised and industry is ready for a fresh phase of investment while capacity utilization builds up. Industry is looking forward to GDP growth rate picking up to close to 8% over the next couple of years. Fiscal prudence, able macroeconomic management, and strong reforms process have set a sound foundation for growth. 
Mr. Rakesh Bharti MittalPresident, CII, 2018 - 19

The economy is on a continuous upward trajectory, moving from strength to strength to meet elevated consumer and infrastructure demand. With GST now well settled, industry expects sustained strong sentiments which will power future growth in coming months.  Third quarter capacity utilization for 2017-18 stands at a 4-year high of 74.1%, implying that investments will now gather pace. This is certainly a huge boost to the economy. All sectors have been seeing robust demand conditions, picking up from the rural economy, and industry is confident that with normal monsoons for most of the country, this will remain a powerful stimulant for growth. 
Mr. Rakesh Bharti MittalPresident, CII, 2018 - 19

The impact of sustained structural reforms is now being felt on the ground as a mammoth economy is turning around. Businesses across several key sectors are experiencing firm growth in sales and orders, indicating better capacity utilization and higher investment expectations. The feedback from businesses is that the rebound in the economy is now firmly entrenched and the positive impact of the actions taken by the government, including major structural reforms, are being felt on the ground. 
Mr. Rakesh Bharti MittalPresident, CII 2018 - 19

As Industry we must focus on the districts which are not moving up in the value chain in providing access and equal opportunities in terms of health, nutrition, education, potable water, basic infrastructure. Both government and Industry need to work together to present demonstrative development initiatives to the country. The community also needs to take charge of their lives, with the need to have an integrated approach including this aspect in the school and college curriculums.
Mr. Rakesh Bharti MittalPresident, CII 2018 - 19

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