10 Things that will Revive India's Economy

He also added, “There was a unanimous call for fiscal, monetary and administrative steps that could be game-changing for the Indian economy. One such step is fast-tracking implementation of the Goods and Services Tax (GST), which could add up to 1.5 percent additional growth to the GDP.” He asked the government to focus on two areas that are reducing the subsidies to 2 percent and to contain the imports of finished products into the country so as to reduce the current account deficit.

He expects the RBI to announce strong monetary stimulus in the coming six months and said that the government must take steps to encourage exports, instigate financial sector reforms, enhance the corporate debt market and eliminate blockage in the infrastructure and agriculture sectors. The government should reduce the scope for discretion and human interface in government transactions he said about the corruptions. About the proposed policy actions he told that the Prime Minister and the finance Minister had promised to go ahead with major policy decisions.

The CII has planned to arrange for industry delegation visits to U.S., the U.K. and other countries to stimulate the investor confidence in the country. The biggest stimulus would be to improve the GDP growth by early introduction of the goods and services tax. The second important step that needs to be taken is to include a strong monetary stimulus. The third step would be to improve the current account deficit by encouraging exports and containing the imports. Fourth step would be to arrest the problem of rupee slide. Then reducing the subsidies would be the fifth step. The last step would be to implement the financial sector reforms and remove the blockages in the infrastructure.