Appreciating all the initiatives of Modi Government in its first year of office, FICCI said it would take 18-24 months for results to be visible on the ground, even as the industry body noted that improving India’s ranking in ease of doing business index is a “tall order”.
FICCI President Jyotsna Suri said the Modi government has sparked a positive sentiment, restored investor confidence and established Brand India.
“Prime Minister’s extensive international travels have brought a positive focus to India. Today, India’s macro-economic performance is far better than what we had one year back. GDP growth has improved, inflation is considerably lower, fiscal and current account deficit are under control and we are seeing an influx of foreign investment into the country.” she said in New Delhi on Monday.
Suri, however, said it is a “tall order” for the government to improve the country’s ranking on the World Bank’s ease of doing business index. India is ranked 142 in ease of doing business index”. The seeds of development have been sown and it is just a matter of time when we shall reap the fruits of all these efforts, Suri said.
On the issue of FDI in retail, Vice Chairman and MD of Bharti Enterprises Rajan Bharti Mittal said: “It is very clear that they (Govt) are continuing with the existing policy which allows 51 percent subject to the state clearances. Investors will take their own call. The policy is very clear that the states will allow or not allow. So, if the states are not allowing it, you will not be participating in those states.”
Suri further said that no government at the Centre has worked so hard in one year to reverse the spiral of negativity and brought in policies that will spur demand and growth in the very near future. However, she said: “I don’t think anyone can stand tall and say corruption is a thing of the past, although efforts are being made to bring in transparency.”