Industry body BCIC welcomes BJP economic agenda

Noting that the new BJP government’s economic agenda sends positive signals to overseas investors that political stability and economic reforms are here to stay, the Bangalore Chamber of Industry and Commerce (BCIC) said on Tuesday that the agenda is forward-looking and focused on bringing  about a quick turnaround in an economy currently reeling under high food inflation and declining growth.

The chamber said that several policy initiatives like rationalisation and simplification of the tax regime, boost for e-governance, clear roadmaps for GST/DTC rollouts, focus on urbanisation, greater thrust on agriculture and food processing, creation of a diamond quadrilateral railway network and new tourist circuits, and announcement of a new energy policy, among others, are some programmes which will turn around the Indian economy in a few months from now.

“The economic agenda announced by the Narendra Modi government sets the right tone and signals to the economy which has seen a downturn over the past three years. The agenda is focused on key aspects of the economy and governance like investment, inflation, agriculture, poverty, urbanisation and education. On the same vein the Agenda is sending positive vibes to overseas and domestic investors that political stability and economic certainty is here to stay, which in itself will boost business confidence,” BCIC President H V Harish said.

Welcoming President Pranab Mukherjee’s statement on “putting the economy back on track”, Harish said this would be mandatory to ensure income growth and poverty reduction. BCIC Senior Vice-President A N Chandramouli said that the government’s commitment to job creation through policy measures to boost tourism and manufacturing, skills development, development of 100 new cities and high-speed train networks is welcome, and if implemented in right earnest, will insulate the economy from shocks and resolve unemployment issues.

BCIC Vice-President Anuj Sharma said that the government should focus on growth, inflation management, fiscal policy and a stronger relationship with the RBI.