Economic Growth: Newly-elected president of industry body FICCI Sanjiv Mehta on Tuesday said that India needs to focus on ease of doing business, consistency in tax policy and low cost of capital to maintain growth rate above eight per cent in the long term. Is required. Mehta also stressed the need for sustained efforts to encourage private investment to sustain high economic growth over a long period of time.
economy will become three million dollars
Let us tell you that this month, Mehta, who was elected as the new President of FICCI, said that by the end of the current financial year, the Indian economy will become three trillion dollars. He said in a discussion, “We need to maintain the high growth rate for a long period. In this financial year, the growth rate is expected to be more than nine per cent, but it will be a challenge to maintain it above eight per cent consistently.” “
Know RBI’s estimate
The Reserve Bank of India has projected economic growth to be 9.5 percent in the year 2021-22. Mehta, chairman and managing director of Hindustan Unilever, said that the steady increase in foreign direct investment (FDI) is a positive sign for the economy, but private investment is yet to pick up pace, so the government needs to invest more money in the economy.
reduce the cost of capital
He said that the cost of capital provided to the private sector also needs to be reduced. He said that the interest rate in India is much higher as compared to the competing countries. When asked about the possible impact of the new form of corona virus, Omicron, on economic activity, the FICCI President said that its spread is a matter of concern and it can be combated only with early vaccination. He said that the government should speed up the vaccination campaign.
PM Modi held a meeting with the company chief
Referring to his meeting with Prime Minister Narendra Modi along with other corporate leaders on Monday, Mehta said he raised the issue of accelerating research and development with special emphasis on biotechnology, green technology and digital technology. “We have to create centers of excellence in research and development to become world leaders. Apart from this, Indians should also apply for more patents,” he said.
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