Integrate 'Make In India' With Foreign Trade Policy: Assocham

On Goods and Services Tax, Kapoor said, government should embrace a dual model of GST one for the Centre CGST and one for the state SGST to grant autonomy to both states and the Centre, thereby creating a harmonious model acceptable to states and centre, both.

In order to rationalise plan expenditure, he said, it is critical to assimilate similar programs under one common head so as to improve execution, effective monitoring and prevent duplication.

"For instance food security programs such as Annapurna Scheme under the Ministry of Rural Development, Scheme for Supply of Food grains to Welfare Institutions under Ministry of Consumer Affairs, Food & Public Distribution must be merged under the larger ambit of 'food security' and should be implemented through revamped PDS model," he said.

Top priority is to reinvigorate Public Sector Banks (PSBs) which need equity infusion.

Akin to most private sector banks, PSBs should also adopt a variable cost-asset model instead of a fixed-asset model, he said, adding, this could release Rs 1.5-2 lakh crore and also in turn generate more employment across the board," he said.

By injecting greater capital and credit into the system, the economy is poised for a 5.7-5.8 per cent GDP growth this year, and potentially even 6.5 per cent by 2015-16, he added.