Led by Venu Srinivasan, CMD, TVS Motors and former president of CII (national), the members told the minister that ease of doing business and clear solutions should be high priority areas for the government to speed up growth. "We are looking forward to a glowing future under the new government," Srinivasan said.
According to him, the manufacturing GDP, which should have been 25%, has now reached 15%. To bring back it to the higher levels, several measures including comprehensive reforms, ease of doing business, land acquisition & frameworks, exports competitiveness, must be looked into at the earliest. The manufacturing sector also has the potential to double the employment levels and ensure inclusive growth. Fresh reforms on factory law needs regulation, he further added.
Members, including Vinod K Dasari of Ashok Leyland, Mammen Mathew of MRF, Mallika Srinivasan of TAFE, felt that GST has to be implemented as the industries are suffering from input tax credit. Issues regarding southern gas grids, ChennaiBangalore corridor have to be resolved, they said.
The company Bill and inverted duty structure needed changes as cost of products manufactured in India is viewed as high compared to imported products. Members felt that the industry is in a situation where availability of power is low and cost is high, which is making global competition tough.
Farm mechanisation is viewed as very important for the agriculture sector both to meet non-availability of labour and enhance productivity and this may be supported through funding schemes.