CII Compliments The BJP on Absolute Majority: Ajay Shriram

By 1 2 1 News Reporter

Chandigarh 16^th May:-- CII compliments and felicitates the Bharatiya Janata Party on its strong performance in General Elections 2014. The outcome of the General Elections reaffirms India's vibrant and dynamic democracy and would greatly help to revive growth and investor sentiments, stated Ajay Shriram, President,CII, commenting on the results of the electoral process.  CII welcomes the results announced today that clearly expressed the decision of India's electorate.

Ajay Shriram said that CII has worked closely with NDA in its previous term in Government as well as at the state governments. We extend our full support to the new Government and greatly look forward to engaging with its leaders including Narendra Modiji in the next five years. CII has partnered with the Gujarat state government in the Vibrant Gujarat series of investor summits for several years and has benefited from the guidance and leadership of Narendra Modi. He further said that the economic reforms agenda can be taken forward with a stable political dispensation and a multidimensional tool-box of policy instruments is required to kick-start growth.

Chandrajit Banerjee, Director General, CII stated that with prudent macroeconomic management, CII expects that the economy could recover to 6.5% GDP growth rate in 2014-15 as against an estimated 4.9% in 2013-14. Continued reforms could take GDP growth rate to 8% level in three years. Chandrajit Banerjee, added that with a decisive mandate, the new Government could take the tough decisions that are urgently needed to revive economic growth. The first priority is to get the cleared projects operational. This is the quickest way to revive investment demand. From the point of view of sending a very clear message to the investor community at large, we shall also expect the government to give urgent attention to issues arising out of the land acquisition act and the new companies act. A strong reform package is needed at this stage to generate the 150 million new jobs that India needs over the next ten years. Industry expects a fresh view and innovative new ideas to come up as the new government takes over. According to CII, the top priorities ahead of the new Government would be to revive economic growth and create millions of new jobs. CII would engage with the new Government to offer constructive suggestions on major issues of inflation control, fiscal consolidation, revival of industrial growth, and introduction of Goods and Services Tax (GST), said the CII press release. CII is ready with detailed recommendations for new ministers which it would present when the new Cabinet is constituted.