Implement reforms in earnest, India Inc tells govt

The need is to consolidate on the reforms, ensure speedy implementation and re-skill manpower to take on the changes borne out of these reforms.

The Government of India has been unleashing major reforms to take the country’s growth rate to a new high.
 
However, the need is to consolidate on the reforms, ensure speedy implementation and re-skill manpower to take on the changes borne out of these reforms.
 
Speaking at The Economic Times CEO Rountable, Kalpana Morparia, CEO at J P Morgan India said, “… In terms of what the country offers for potential, I think it does not have a rival at all. China is there, but India offers a distinctive, more attractive story today…” 
 
India witnessed a historic moment in 1991 when licence raj was abolished. Since then India has come a long way. 
 
The changes that the country has seen in the last one year are actually far more dramatic “because this is for the first time where India is attempting Bharat to move in step with India”, added Morparia. 
 
N Venkatraman, Managing Partner & CEO, Deloitte India said though there are hiccups in the short-term because of demonetisation and GST roll-out, but India, in the long term, has a growth story.
 
“… There are many, many more years of growth in India and even though you say that you would have a bit of a slowdown now, for a very brief period of time, it will correct over time regardless of whether you say it is because of initially demonetisation, or GST.”
 
Uday Kotak, executive vice chairman & managing director of Kotak Mahindra Bank said that the scrapped notes should be used by RBI to find out what is the ultimate source of the money, and to find out how much of it has effectively escaped the tax net. 
 
“… DeMon in many ways has been the first step in the economic field, which has been a bold, brutal in some sense, step, but a step towards a theme. And that theme is black money. We want a cleaner economy; we want even the banking system to be cleansed, which is what the IBC is talking about. So I would weave a thread and a theme rather than looking at narrow numbers alone.”
 
Bhavish Aggarwal, co-founder of Ola Cabs, commended the government for Startup India and other programmes, which has created a lot of young entrepreneurs in the country. 
 
Story Source: ET.com
 
Pic Source: PIB (File)

Event date: 
Friday, September 1, 2017

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