A joint CII-FNF report titled, “Eliminating Internal Barriers to Accelerate Growth: Unlocking the Potential of the States in India” was released against the backdrop of the Export Summit 2014 organized by CII on 20 February, 2014 in New Delhi.
With the slowdown in global trade, continued recession in the international markets and slow recovery in the advanced economies, India can look inwards and tap domestic demand to achieve sustainable economic growth. This entails deeper integration of the internal market, especially for a geographically large and culturally diverse country like India. Uninhibited flow of goods and services across the states in the country can potentially lead to a much higher economic growth nationally. The report details the same.
Some of the salient features of the report:
The potential in India is huge, but there is a need for greater coordination between the centre and states to boost economic growth.
Removing internal barriers to trade and harmonizing economic policies for creating a strong business environment is an important agenda for industry to build with the government
Using the reform process across the states and the centre, an average growth of over 10 % can be achieved in the next decade