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31
December 2018
 |
Economy Growth (The Total Investment & Insurance Solutions)
A settled goods and services tax (GST),
improving credit availability and capacity expansion from increasing investment
in infrastructure NSE 0.92 % are among seven key drivers that will help Indian
economy grow 7.5% next year, said the Confederation of Indian Industry (CII).
In its
‘Growth Outlook for 2019’, CII said that amid growing global vulnerabilities of
trade wars and US monetary tightening, India shines as the fastest growing
major economy with robust gross domestic product (GDP) in 2018 that is expected
to continue to expand in 2019.
“Better demand conditions, settled GST
implementation, capacity expansion resulting from growing investments in
infrastructure and continuing positive effects of the reform policies
undertaken and improved credit offtake especially in services sector at 24%
will sustain the robust GDP growth in the range of 7.5% in 2019,” CII said in a
statement. The Total Investment &
Insurance Solutions
The positive outlook is supported by improved
demand conditions arising from election spending, stronger services and infrastructure
sector, it said. The Reserve Bank of India (RBI) expects India’s economy to
grow 7.4% in 2018-19. CII had suggested only three slabs for GST – a standard
rate, a higher rate for demerit goods and a lower rate for some mass
consumption items – and inclusion of fuels, real estate, electricity and
alcohol in the ambit of the levy.
The industry lobby has recommended that the
RBI revisit lending restrictions on banks under the PCA (prompt and corrective
action) and open a limited special liquidity window to meet emergencies of
financial institutions including mutual funds to improve liquidity in the
system.
It has
also suggested digitisation of land records, online single window systems in
states and enforcing contracts among measures to enhance ease of doing
business. The Total Investment &
Insurance Solutions
India
aims to feature among the top 50 countries in the World Bank’s ease of doing
business index, on which it is currently ranked 77. In its ‘Growth Outlook for
2019’, CII said that a “strong programme of infrastructure development” will
provide growth impetus for downstream industry sectors and generate employment
opportunities. The Total Investment
& Insurance Solutions
To strengthen agriculture produce marketing,
it has suggested that all states implement the Agriculture Produce and
Livestock Marketing Model Act. Besides, implementing e-NAM mandis will help
promote inter-state trade, it said.
CII
also said that additional benches of the National Company Law Tribunal will
address the issue of non-performing assets. It said that increasing domestic
oil production, special window for oil marketing companies to procure oil and
stepping up diplomacy with the US to continue oil purchases from Iran will help
India guard against the risk of higher oil prices.The Total Investment & Insurance Solutions
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