The new government has the launchpad to undertake next-generation reforms on account of a robust GDP growth, prospects of a good monsoon, healthy foreign exchange reserves and a stable rupee, Assocham president Sanjay Nayar said.
India will continue to be the world’s fastest-growing economy and the Indian-corporate world has its hopes up as it expects the next government to continue on the reform path and steer the Indian economy towards high growth.
“India Inc remains very bullish about India retaining the coveted status of being the fastest growing amongst the major economies of the world,” said Nayar.
Nayar also “expects the new government to push accelerator on reforms encompassing several areas including the startup ecosystem, fintechs with soft touch regulations and a boost to agriculture in terms of new technology and modern practices”.
Private investment will be one of the cornerstones upon which India can balance between cyclical consumption-driven growth and inflation.
“Private investment growth can drive the supply side and needs to be closely monitored,” Nayar added.
Further, the extreme weather stemming from climate change has a detrimental effect on citizens, including the labour force and farmers, and needs to be addressed.
“We would like the new government to attend to the issue of climate change with renewed vigour, setting specific targets with regards to ecology, afforestation, renewable energy, though some of the targets are in place,” Nayar said.
He said adequate credit and modern technology for MSMEs can spur job creation, while AI and other emerging technologies need to be moulded in line with India’s needs in sectors such as healthcare, education, climate change and technology upgradation for the manufacturing sector.
