In its suggestion to boost domestic economy, Industry body Assocham on Tuesday sought a strong dose of monetary easing, fast track clearance for infrastructure projects and imposition of anti-dumping duties against cheap imports from China. 

Giving the suggestions at a high-level industry interaction convened by Prime Minister Narendra Modi, Assocham president Rana Kapoor said that India should prevent any real appreciation in rupee in a subdued world trade environment to preserve price competitiveness in the aftermath of devaluation of Yuan by China. 

Besides Finance Minister Arun Jaitley and Reserve Bank of India governor Raghuram Rajan, the meeting is attended by top industrialists such as RIL’s Mukesh Ambani and Tata’s Cyrus Mistry-. 

The meeting with industry captains, economists and bankers is aimed at shortlisting steps needed to strengthen the Indian economy by converting the present global uncertainties into an opportunity for the country. 

Among other steps,  Assocham suggested land pooling model for PPP and SEZ projects for faster land acquisition.  It also said large cash-rich PSUs should be allowed to buy out infrastructure projects for investment revival in the sector. 

Besides continued slump in exports, Indian equities market and rupee has been volatile in the last few weeks in the aftermath of frequent external shocks arising on account of Greece debt crisis and more recently, due to the Chinese stock market crash and devaluation of yuan.

Notwithstanding the lower-than-expected GDP growth of 7% in Q1FY16, the the government expects economy might clock close to 8% growth in FY16, aided by a combination of crude oil price decreases, macro-economic stability, reforms, lower inflation and reduction of interest rates.

Confederation of Indian Industry president Sumit Mazumdar, said Prime Minister Narendra Modi has assured that the government will consider the industry body’s suggestions for higher public spending in agriculture and infrastructure development. Modi also asked the industry to increase their risk taking ability and make more investments, he told reporters after the meeting.

The Prime Minister also said that the government was hopeful of a breakthrough in GST, Mazumdar added.