NEW DELHI: “I will commit suicide,”—a smiling Dr Naushad Forbes, the new President of Confederation of Indian Industry, recalled, the words of industrialist J.RD Tata, when he was quizzed, what he would do, if he woke up one day to find that he was the Prime Minister of India.
Responding to a similar question he said, “on serious note, it is a difficult job.” But highlighted that India’s GDP growth rate for 2016-17can be achieved at 7.75 – 8.25 per centm,” said Forbes.
“Strong macroeconomic fundamentals, favourable business sentiments, and downward trend in interest rates are significant positives for the economy,” he said.
Announcing the theme for 2016-17 — Building National Competitiveness — Forbes delineated six key enablers for building national competitiveness and announced new CII action initiatives for the year for each: Human Development, Ease of doing business, Corporate integrity and good citizenship, Innovation and technical capability, Sustainability, Integrating with the world.
He urged for the quick passage of the Constitutional Amendment to introduce the Goods and Services Tax, adding that this would make India a single market and reduce transaction costs.
Seeking Centre’s support in passage of the Bankruptcy Bill and a uniform public procurement policy, Forbes said States should consider amending their labour regulations and land acquisition processes to create a better investment climate.
Forbes also sought activation of the National Investment and Infrastructure Fund and augment capital expenditure on key projects like roads, railways, irrigation and power to provide fillip to the domestic demand.