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CII CEOs on One Year of New Government
May 25, 2015

Mr Sumit Mazumder, President, CII, said, “In one year, the Government has improved the economic situation dramatically as a result of which all major macroeconomic indicators are in sound territory. Inflation has declined, fiscal consolidation is better than targeted, the current account deficit stands compressed, and the exchange rate graph has smoothened out. This provides a huge boost to consumer and investor confidence in the economic management of the country. Having strengthened the environment for doing business, the Government is also acting rapidly on the reforms front, targeting multiple areas for investment and social development simultaneously. We commend the Government for its unstinted commitment to economic growth and inclusive development and look forward to continued rapid action going forward.” 

Mr Adi Godrej, Past President, CII and Chairman, Godrej Group, said , “The Government in the past year has taken unprecedented and innovative steps of a scale that could not have been envisaged earlier. They have succeeded in changing the economic calculus of the country by demonstrating that 120 million bank accounts can be opened at short notice or 4 lakh toilets can be built in schools in a year and so on. The Make in India campaign is a multi-dimensional endeavor to boost manufacturing, targeting skill development, FDI, R&D, and most significantly, ease of doing business. Industry is greatly heartened by the many steps taken under the campaign.In addition, Swachh Bharat Abhiyan, Smart City initiative, Digital India, Clean Energy, etc have set high targets and are progressing faster than expected. The world’s eyes are on India at this moment, and Government and industry together can meet the expectations for fast growth.” 

Mr R Seshasayee, Past President, CII and Executive Vice Chairman, Hinduja Group, said, “The Flagship Development Programmes undertaken by the Government accompanied by a series of policy reforms during its first year has laid a strong foundation for India’s economic resurgence to become the fastest growing major economy globally over a long-term period as the quality of economic growth also improves significantly owing to social engineering initiatives like the Jan-Dhan Yojana and the social security schemes for insurance and pensions.” 

Mr Chandrajit Banerjee, Director General, CII, said “In its first year, the Government led by Prime Minister Shri Narendra Modi, has turned around investor sentiments and taken strong action across multiple sectors for scripting a new growth narrative. Policies have contributed to infusing more competition into the market, harnessing new levers of growth, and dispersing more powers to state governments in the spirit of federalism.”The Government dismantled the ‘planned’ economy by replacing the Planning Commission with the NITI Aayog which would formulate data-based growth strategies, added Mr Banerjee. “The Government’s well-strategized macroeconomic management for inflation and fiscal prudence, resulting in lowered interest rate regime, sets the stage for a new investment cycle,” Mr Banerjee stressed. 

New Delhi
25th May 2015

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