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India Inc: PMEAC forecast realistic, demands growth push

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SummaryIndustry says there is need for ensuring fast implementation of cleared projects by removing procedural bottlenecks

Concurring with the PMEACs downward revision of growth forecast to 5.3 per cent, India Inc today said policymakers must take steps to expedite project clearances, establish coal linkages and cut down on subsidies in order to kick start investments and promote growth.

PMEAC has projected a realistic outlook on the economy with GDP growth slated to be lower at 5.3 per cent in 2013-14 from 6.4 per cent projected earlier. The PMEACs projections are on expected lines and do not come as a surprise, CII director general Chandrajit Banerjee said.

However, that is not to undermine the need for continued policy interventions to revive growth. There is need for ensuring fast implementation of cleared projects by removing procedural bottlenecks, he added. Prime Ministers key economic advisor C Rangarajan today lowered the growth forecast for the current fiscal and listed out host of measures including further liberalisation of FDI norms. The downward revision in growth projection for the year 2013-14 was anticipated. Given the present state of the economy, it is imperative that all steps are taken to bring growth back to the higher trajectory, Ficci secretary general Didar Singh said.

The PMEACs projection is realistic and based on the current state of affairs. It takes into account the challenges before the economy by way of global factors such as withdrawal of US stimulus and pressure on rupee, Assocham president Rana Kapoor said.

We believe that the current economic situation is expected to improve in the ensuing months on the back of various reform measures, PHD Chamber said.

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Related: PMEAC's C Rangarajan lowers GDP growth estimate to 5.3 per cent for FY14

Related: Keeping fiscal deficit target a challenge, says PMEAC

Related: Drawdown on foreign reserves to fund CAD

Related: There is no case for India's rating downgrade, says Rangarajan

Related: RBI to keep monetary policy tight till rupee stabilises, says PMEAC

Related: PMEAC pegs farm growth at 4.8pc in FY'14 on good monsoon

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