New Delhi, Sept. 13: India Inc today agreed with the PM panel’s projections and said policymakers must take steps to expedite project clearances, establish coal links and cut subsidies.
“The PMEAC’s projections are on expected lines and do not come as a surprise,” CII director-general Chandrajit Banerjee said.
However, that is not to undermine the need for continued policy interventions to revive growth. There is need for ensuring fast implementation of cleared projects by removing procedural bottlenecks, Banerjee added.
“The downward revision in growth projection for 2013-14 was anticipated. Given the present state of the economy, it is imperative that all steps are taken to bring growth back to the higher trajectory,” Ficci secretary-general A. Didar Singh said.
“Our efforts should be geared towards having a long-term strategy to economise imports of oil, coal, capital goods, electronics and fertilisers. Further, we need to have greater clarity on our policy with regard to iron ore mining and exports,” Singh added.
Assocham president Rana Kapoor said the PM panel’s projections were realistic that took into account the challenges before the economy by way of global factors such as the withdrawal of the US stimulus and pressure on the rupee.
The PHD Chamber said it expected the current economic situation to improve in the coming months on the back of a moderating inflationary scenario and various reform measures undertaken by the government and the Reserve Bank of India.
Crisil chief economist D. K. Joshi, however, does not agree with the numbers.
“We have calculated about 4.8 per cent GDP growth. The farm figures tally with ours but we are not so optimistic about industrial uptick,” Joshi said.