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has hit industry hard. The administrative and bureaucratic procedures need to be time-bound and fast-tracked so that investments can be rapidly stimulated," Gopalakrishnan said.
The upcoming Lok Sabha elections mean policy actions will be muted, with decision making moving at a snail's pace. The window for economic reforms, at least in the first half of the year, is rather small, he added.
"The main problem in 2013 has been the inability of the government, in the wake of several factors such as adverse court rulings, perceptions of scams and lack of political consensus to take decisions which could have pulled the industry and the economy out of the slackness," Kapoor said.
"In the process, decision making became a major casualty as honest officers were not willing to stick their neck out," he added.
Increased cost of capital, high inflation, adverse global scenario and indecision at home kept plaguing the industry even as even as big-ticket investments continued to shy away.
As we enter 2014, the key challenge in front of policymakers is to revive the domestic investment cycle. Though CCI has cleared several large projects, it is equally important to ensure implementation of these on the ground. Further, clarity in policy formulation and greater certainty in rules and regulations is critical.
"It is imperative to remove procedural hassles and to tap the unexplored potential for offering tremendous avenues for investors for sustainable and environment-friendly economic growth.
Besides, the manufacturing sector growth remains volatile and reviving the same is an absolute imperative as the sector has a huge potential of generating jobs.
"In the year of general elections, the corporate sector maintains a cautious approach as policy machinery inherently tends to slow down. We did see some bold policy moves over the last few months, but some major reform measures like GST have not seen progress," Birla said.
Going ahead, new programmes and strategies should be planned to bridge the yawning skill gap and a more liberal attitude is required to facilitate entry of private and foreign players in the education sector to impart quality education and link it with employment.
However, the real game changer could be the improvement in