India Calls for Implementation of Economic Reforms

New Delhi: Expecting a GDP growth of about 7 percent in 2012-13, India Inc today called for implementation of economic reforms and fiscal consolidation. "Domestic factors are more important for India's GDP growth and global conditions play only a marginal role. Therefore, greater attention is needed on implementing reforms," FICCI Secretary General Rajiv Kumar said. The chamber expects that the GDP growth in 2012-13 would be around 7 percent. Echoing similar views, CII said concerted actions are required for fiscal consolidation and further policy reforms that would unlock the growth potential of Indian industry are needed. CII feels that the growth outlook for the next fiscal could be better if fiscal consolidation is given high priority along with reforms on land acquisition, taxation, infrastructure. "We hope the Union Budget 2012-13 would provide a direction in this regard," it said. Assocham said the Economic Survey shows that the long-term India growth story remains intact despite the present economic challenges."The return to high growth looks achievable in view of strong basic fundamentals of the economy," it said, adding, "The country needs immediate financial and structural reforms to boost the falling business confidence and growth momentum".