NITI Ayog, the think tank of the Government of India, has called upon the State Governments to take the lead in instituting labour reforms and rationalize the costs of power to make a climate favorable to the Industry to conduct business.<\/p>\n
\u201c<\/b>We must strive together to make India one of the easiest places to conduct business,\u201d said Mr Amitabh Kant, CEO, NITI Ayog, while urging the State Governments to introduce labour reforms and rationalize power costs to boost industrial growth.<\/p>\n
He was speaking a webinar organized by PHD Chambers of Commerce and Industry.<\/p>\n
Single window clearances, timely clearances and land acquisition are areas for state governments to focus on, Mr Kant further said.<\/p>\n
Mr Kant opined that India should focus on sunrise area for growth such as Electric vehicles & battery storage manufacturing; Green hydrogen; Artificial intelligence (AI); Data analytics; Blockchain; Cybersecurity; Cloud computing and Genomics.<\/p>\n
Public-private Partnership (PPP) in social infrastructure is another avenue, Mr Kant said. Now more than ever, the importance of social infrastructure such as healthcare facilities has come to the fore. Unlocking investments in this sector will be crucial to India\u2019s resilience and adaptability, he added.\u00a0<\/span><\/p>\n Partnerships of the private sector in unlocking the potential of innovative financing mechanisms such as asset monetisation, providing an impetus to green finance are other potential areas, amongst others, Mr Kant opined.<\/p>\n However, Mr Kant expressed concern over high food inflation due to higher prices of oilseeds and edible oils as India imports nearly 70% of total demand.<\/p>\n PHDCCI President Mr Sanjay Aggarwal Addressing <\/b>said\u00a0the Government should frontload the\u00a0National Infra Pipeline expenditure\u00a0as private investments are not coming in shorter period. The increased spending on infrastructure will give a multiplier effect to rejuvenate the aggregate demand in the economy. Undoubtedly, robust growth of infrastructure is the key ingredient to realize the vision of \u201cAatmanirbhar Bharat\u201d envisaged by the Prime Minister Mr Narendra Modi.<\/p>\n He was of the opinion that more and more\u00a0direct benefit transfers<\/b>\u00a0needs to be considered for the urban and rural poor under the various welfare schemes. The next 3 months should be devoted to enhance the capacity and quality of country\u2019s health infrastructure on a war footing.\u00a0<\/span><\/p>\n The Government should ensure adequate availability of oxygen, hospital beds, especially ICU beds, doctors and others medical personnel, among others, to save maximum lives. The country should\u00a0target to vaccinate\u00a0at least half of the population in next 2-3 months, i.e. by September 2021, Mr Aggarwal added.<\/p>\n He was of the opinion that the Government should focus on further\u00a0reducing the cost of doing business\u00a0<\/b>in the country including the costs of power,\u00a0 <\/span>capital, compliances, logistics and land besides ensuring availability of\u00a0 <\/span>land and labour.<\/p>\n Mr Aggarwal also opined that Strengthening the MSMEs\u00a0sector must\u00a0 <\/span>be on priority.\u00a0 <\/span>Focus should be on ensuring provision of hassle\u00a0 <\/span>free disbursements of loans vis-\u00e0-vis enhanced liquidity for MSMEs.<\/p>\n If the Government undertakes effective steps to combat the impact of Coronavirus, a\u00a0double digit growth of more than 10% in FY 2022<\/b>\u00a0can be achieved as anticipated earlier by various forecast organisations along with GOI and RBI before the second\u00a0wave of pandemic Coronavirus.<\/p>\n Mr. Anil Chopra, Chair, \u00a0Economic Affairs Committee, PHDCCI, said fiscal stimulus through rationalisation of income tax and through reduction and clarity in GST would give a momentum to the economy.\u00a0 As a driver of economic recovery,\u00a0 when the government focuses on investment in infrastructure,\u00a0 it would do well to prioritise on investment in sustainable and green infrastructure such as renewable energy which is environment positive.<\/p>\n \u201cWe also need to prioritise on infrastructure with social objectives for benefit of all,\u00a0 such as on healthcare, education, waterways, roads and electricity. Investment in human and physical capital would lead to sustainable and inclusive growth\u201d, he opined.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" NITI Ayog, the think tank of the Government of India, has called upon the State Governments to take the lead in instituting labour reforms and rationalize the costs of power to make a climate favorable to the Industry to conduct business. \u201cWe must strive together to make India one of the easiest places to conduct […]<\/p>\n","protected":false},"author":3,"featured_media":6665,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3833,1,8],"tags":[2216,2059],"class_list":["post-6662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate","category-economy-and-politics","category-india-inc","tag-business","tag-niti"],"aioseo_notices":[],"yoast_head":"\n