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India Inc says it's pragmatic

Our Bureau

New Delhi , Feb. 27

India Inc. has expressed satisfaction over the Economic Survey for 2005-06 released by the Government on Monday and called it pragmatic.

The FICCI President, Mr Saroj K. Poddar, said the suggestions to de-bottleneck the infrastructure sector and expedite the pace of tax reforms are correctly envisaged to give the economy and the industry much impetus.

He agreed with the survey's observation that power shortage, estimated at 12 per cent, is the greatest impediment to growth. He also agreed with the suggestions to liberalise foreign direct investment (FDI) in captive mining, especially in coal.

He also agreed with the survey's observation that a virtuous cycle of growth in savings and investment will push the growth rate of the economy.

The Confederation of Indian Industry President, Mr Y.C. Deveshwar, expressed satisfaction over the fact that all sectors of the economy are contributing to its growth. Agriculture sector is expected to grow by 2.3 per cent, industry 9 per cent, manufacturing 9.4 per cent and the services sector by 9.8 per cent during this fiscal.

He said that to take the growth of the economy at 9 per cent and above on a sustainable basis, agriculture sector must grow by 4 per cent and manufacturing by 12 per cent.

The Assocham President, Mr Anil Agarwal, welcomed the GDP growth projection at 8 per cent plus but said further initiatives need to be taken to keep up the performance. He said the Government should also focus on labour reforms and take all possible measures so that fuel price-led inflation is restricted and exports go up.

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