According to the Confederation of Indian Industry (CII), there was an urgent call on Modi 3. 0 government to fuel economic progress through restructuring important areas such as land, labour, and agriculture. Speaking at the event, CII President Sanjiv Puri emphasized that the recent policy interventions have made the economy.

Puri added that based upon reforms and factors including better international trade outlook, strong investment and demand power and normal monsoon in the juncture of expectations for the current fiscal, the growth rate is likely to touch 8%, which signifies its credit.

He couldn’t resist speaking well about the economic sectors, and he was so sure that agriculture, service, and industrial sectors would do quite well in the next year. He expected local inflation to average 4%- 4.5% for the current fiscal year.

Another area that Puri spoke about was private sector investment, which, according to him, has crossed the pre-Covid levels and reached 23.8% of GDP. He was keen to stress that the comparisons in this diagram show that this has been a rise in sound investment across all fronts.

As for the rural demand, Puri discerned some reassurance there, saying that expectations of a good monsoon and better yields had helped coax the rural consumer back into his/her spending mode.

The CII suggested various policies that can be undertaken for economic liberalization, such as abolishing the dual GST rates, which are with a structure of three mostly standard rates, and integrating all sectors, including petroleum and real estate, under the GST. They also supported the sector by demanding infrastructure status for the hospitality segment.

Concerning land initiatives, Puri recommended that the government lessen the stamp duty as a way of decreasing acquisition prices, as well as increasing efficiency by tapping technology and recognizing state-based land bureaus.

The 14-point economic agenda outlined by Puri included a call for government presence in reforms in the state and concurrent fields to focus on consensus-building. To organise inter-state cooperation, he proposed that GST councils, like institutional structures, provide one way.

Further, Puri suggested operating direct employment incentives across sectors, especially in labour-endogenous sectors and mapping global employment opportunities for Indian youths. The CII also called for reducing compliance & regulatory barriers through measures like simplification & rationalization and time-bound clearances through the National Single Window System.

Check here for the latest updates in Hindi!