PHD Chamber hails NDA victory; look forward to rapid socio-economic development of the country

PHD Chamber hails NDA victory; look forward to rapid socio-economic development of the country

PHD Chamber hails NDA victory; look forward to rapid socio-economic development of the country

No.PR-27
May 16, 2014
New Delhi

PHD Chamber hails NDA victory; look forward to rapid socio-economic development of the country

PHD Chamber of Commerce and Industry welcomes NDA’s victory and look forward to the new government to revive economic growth and development of the country.

Mr. Narendra Modi is a great visionary and thought leader and well known for his astute administrative skills, ramrod straight integrity, a humble politician and a common man’s friend, said Mr. Sharad Jaipuria, President, PHD Chamber of Commerce & Industry in a press statement issued here today. 

Mr. Modi will take strong steps and implement its developmental policies across India and make India’s growth-strong, fast and sustainable. His credibility for turning around Gujarat’s economy and making it an attractive investment destination for Industrialists both domestic and overseas are known to all, he said

Manufacturing sector reforms should be at the top of the agenda of the new government to enhance its growth and productivity to generate millions of employment opportunities in the economy. State of the art infrastructure, hassle-free environment clearances, reforms in the labor laws, special attention to the MSMEs sector would be critical to increase the manufacturing share in GDP to 25% from the current level of 16%, said Mr. Jaipuria

Mr. Jaipuria said that implementation of GST would be critical to remove the cascading impact of indirect taxes on economy and to create a common market across the country. GST has the potential to increase India’s GDP by 2 percentage points, he said.

Reforms in the energy sector are needed not only that the sector is  critical for achieving double digits GDP growth rate but also for improving the quality of life since some 600 million people in India do not have access to electricity.

Increase in agricultural productivity by providing good quality agriculture-infrastructure to improve supply-chain scenario, augment storage facilities and minimizing wastages would be critical to sustain growth trajectory in the coming times.  

Quality of higher education and skill sets would be critical to bring more and more of our human resources in the production chain. Skill development is essential to execute the various infrastructure projects which have been stuck up because of skill deficiency in the economy. The industry is also facing an acute shortage of skilled manpower, said Mr. Jaipuria.
ENDS
Koteshwar Prasad Dobhal
Consultant (PR)