Arun Jaitlely, Suresh Prabhu, Piyush Goyal, Dr. Jitendra Singh & Amitabh Kant Emphasize Govt’s Reform & Growth Oriented Agenda at ASSOCHAM 95th Annual Session

ASSOCHAM’s  95^th Annual Session on the theme ‘Confidence and Conviction in India’s Economy’ saw stellar participation from key ministers and policymakers including Shri Arun Jaitley, Hon'ble Union Minister for Finance, Corporate Affairs & Information & Broadcasting; Shri Suresh Prabhu, Hon’ble Union Minister for Railways; Shri Piyush Goyal, Hon’ble Minister of State (I/ C) for Power, Coal and New & Renewable Energy; Dr. Jitendra Singh, Hon’ble Minister of State (I/ C) for Development of North Eastern Region and Minister of State for PMO, Personnel, Public Grievances & Pensions, Dept. of Atomic Energy and Dept. of Space and Shri Amitabh Kant, Secretary, DIPP.

The session, which was strategically timed to coincide with the beginning of the Winter Session of the Parliament, saw high-level dialogue on setting the agenda to boost India’s socioeconomic development through key structural reforms and short-term actionable points.

Finance Minister Arun Jaitley emphasized the importance of implementing a robust GST Architecture to actualize India’s growth potential. Speaking at the event, Shri Jaitley said, “Those who stall reforms and growth must realize that India is not the India of the past, India has become increasingly aspirational, and many of the aspirational class which supports growth and reforms is inherently much bigger than those who oppose it.”

The Finance Minister further emphasized the importance of the housing sector; in particular affordable housing; given the employment generation capabilities as also the multiplier effect on ancillary industries. However, he noted that the legacy issues plaguing the sector are being looked in to for resolution.

Shri Jaitley listed out the three key challenges to Indian growth in the current situation as:

• The Evolving Geopolitical situation: with the rising threat to civilization from ISIS, which poses a significant threat to Global Economic Stability

• ​Shrinking Global Commodity Markets: With the price of global commodities falling steadily, many of India’s primary exports are facing pressures

• ​Lack of Private Investment: While foreign & public investment have picked up, private investment is yet to pick up, as corporates are yet to significantly begin their capex

“The strength of India is being felt both within and outside. Even if we can’t isolate ourselves from global trends, how we minimize this impact in adversity and how do we advantage out of this situation? History presents is with this challenge,” added Shri Jaitley.

Speaking at the event, Mr. Rana Kapoor, President, ASSOCHAM and MD & CEO, YES BANK said, “There is today unprecedented Confidence and Conviction in the Indian economy. The transition from a state of crisis of confidence in 2013 to a bright spot in a cloudy global horizon in 2015 is not by chance but by design. The past few months in particular, have seen even more renewed energy from the Government to enforce key reforms, and revive industrial sentiment. Going forward, the upcoming Winter & Budget Session of Parliament will be very important in the current scheme of things, to create short & medium term wins. I expect the Government to build on the momentum to further the reforms agenda.”

An ASSOCHAM-YES BANK Knowledge Report ‘Believe in India: Confidence & Conviction in India’s Economy’ was released by Shri Suresh Prabhu, Hon’ble Union Minister for Railways and Shri Amitabh Kant, Secretary, DIPP at the event. The report (attached) identifies key strengths, challenges and recommendations to MAXIMISE the Indian Economy.

ASSOCHAM recommends laser focus from the Government to enact key legislative reforms as follows:

• 8 pending Bills in the Lok Sabha and 11 in Rajya Sabha, including the GST, Land Bill, MSME Development Bill and the Consumer Protection Bill - the passage of all are paramount to actualize India’s economic and industrial growth prospects

• ​Banking sector reforms, including addressing the capital requirement & stressed asset situation in the public banking system, are also key to push through

• Imperative to accord top priority for implementation of Bankruptcy Code and GST. Meanwhile, policy hand holding can get comprehensively extended for state subjects like labor reforms & land acquisition

Further, just like ‘Make in India’ is sowing the seeds of a Silent Industrial Revolution; the country urgently requires a Second Generation Green Revolution that transcends beyond agriculture efficiency to environment sustainability

Reflecting on his highly successful and eventful term (2013-15) as President, ASSOCHAM, Mr. Rana Kapoor said, “During the two years of my Presidency, I have had the privilege of leading several proactive, forward looking strategic initiatives, such as the Believe in India national campaign, and the Global Investors’ India Forum, aimed at boosting economic sentiments and spurring industrial growth. I am confident that the chamber, through its national councils, business promotion councils and international offices, will continue to partner with the Government and industry to achieve inclusive growth and position India as the most preferred investment destination globally. This is already happening and will get deep-rooted soon. ”