Confederation of Indian Industry (CII) has said that India's economy can grow at 9 to 10 per cent in the medium-term with a multi-pronged economic strategy. The industry body has outlined ten areas requiring policy attention that can bring huge economic benefits for growth, investment and employment creation. The areas highlighted by CII for more attention include macro-economy, mining, manufacturing, land acquisition, energy, labour reforms, skill development, taxation, financial sector and Companies Act.Welcoming the government's resolve to introduce the Goods and Services Tax, CII said the indirect tax reform would add 1.5 percentage points to the GDP growth rate.On the Land Acquisition Bill, CII suggested that compensation package should be reviewed to reduce rehabilitation and resettlement costs as sellers receive multiples of market value on acquisition.The industry body welcomed several path-breaking economic reform measures announced by the Narendra Modi-led government during the last one year and called for continuing the strong momentum across ten critical areas.
News On AIR | May 28, 2015 7:05 AM
Indian economy poised to grow at 9-10% in medium-term: CII