Applauding the Glorious VijayBharat, Dr. Niranjan Hiranandani - Sr. VP - ASSOCHAM

Business Wire India
ASSOCHAM, the oldest trade body of India applauds the remarkable victory of the Shri. Narendra Modi stating that the central government in the last five years has done a remarkable job in areas such as skill development, women empowerment, and mega infrastructure development.
 
India under his decisive leadership will be able to unleash opportunities in the growth potential areas to keep the tag of world's fastest growing economy in tandem with higher employment generation. Some of his initiatives like focus on affordable housing and health, sanitation, financial inclusion; rural and urban areas made a difference to masses. The central government has taken several steps to solve the issues plaguing the industry by introducing several pro-active schemes.

Introduction of the Insolvency and the Bankruptcy Code, rationalization of taxes by introducing GST, incentivizing industrial production, execution of slew of mega infrastructure to build last mile connectivity and achieve the target of housing for all by creating surpluses were some of the initiatives that enhance the confidence index not only at national but also at the global level.

The stage is set for accelerating the growth to a higher level by tackling certain challenges like labour reforms, revival of investment and support consumption growth. The changing dynamics are expected to push the Indian GDP growth from current 7% level to higher levels. 

India currently has good macros in form of low inflation, better tax compliance, fiscal prudence, high FDI and manageable current account deficit. The government can give a big push to deregulate the economy, encourage foreign investment, reduce the role of government enterprises, and further strengthen India’s trade ties with the world.