New Delhi, March 16: Political parties seeking people’s mandate in the upcoming general elections must create opportunities for entrepreneurship and employment, the Confederation of Indian Industry (CII) has said.
With elections scheduled for April-May, political parties are drafting their manifestos. Keeping this mind, the industry association has prepared an economic action agenda which, it says, the parties must consider given the subdued growth outlook.
In order to build an “inclusive, developed and secure” nation, CII says skill development and innovation should be fostered to help raise productivity and incomes.
“India can build on its underlying growth drivers of young workforce, rural prosperity, and high entrepreneurial capability to revert to 8 plus percent rate of growth in the next two years. This must be maintained for 2-3 decades,” CII says.
CII has listed seven priority areas such as spurring GDP growth, controlling inflation through fiscal consolidation, rolling out of Goods and Services Tax rationalisation and better targeting of subsidies that be given utmost attention.
CII has also suggested a “consistent, transparent and stable” tax regime with simplified procedures and reduced costs of compliance.
The CII statement also calls for disinvestment in public sector enterprises, including banks.
The document includes wide-ranging strategies for sectors such as agriculture, infrastructure, mining, manufacturing and services for a bright future for India.