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Stable govt crucial for economic growth: Subir Gokran
Source: IRIS | 27 Mar, 2014, 07.24AM
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The recent stabilization in the macro environment supported by  rupee stabilization, sharp correction in current account deficit and the pickup in exports are major green shoots and create a platform for the other drivers to kick in, said  Subir Gokran, senior fellow and director of research. Gokran was speaking at the session, ''Indian Economy: Is the recovery in sight'' at the National conference and Annual General Meeting of Confederation of Indian Industry at New Delhi.

Emphasizing on the sustainability of the recent growth uptick, Gokran commented that while a number of measures taken by the government in the past one year have brought some stabilization in the macro environment, going forward moving towards high growth trajectory would require undertaking more enduring and long term solutions for addressing the structural issues. To bring the growth back on track will require providing sustainable solutions for addressing issues of  tackling inflation, financing issues of infrastructure, rebalancing of capital expenditure, initiating  fast  tracking GST, addressing issues of skill development and employment  among others,said Gokran.

Speaking on the session, Nimesh Kampani, chairman JM Financial Group viewed that going forward; formation of a stable government after the general elections in 2014 will be an important psychological factor for stimulating growth. According to Mr Kampani, reviving growth in medium term would require looking at import substitution, developing a robust export strategy, addressing issues in the infrastructure development and financing. For stimulating the growth in the short run Mr Kampani advocated reduction in the interest rates for the sectors like automobiles and housing which have great multiplier effect.   

Exuding confidence that the growth would improve in the coming months, Surjit S Bhalla, chairman, Oxus Investments, made a projected a 7% plus GDP going forward with CPI coming down to 5.5% and IIP moving up to a 5- 6% range. Commenting further on the growth outlook, Dr Bhalla emphasized that  ''While a stable government at the centre after the elections will be crucial for the bounce back of the growth, the new government will need to focus on economic reforms  and faster decision making to address the concerns''.

Moderating the session Janmejaya Sinha, chairman, CII National Committee on Financial Inclusion and chairman- Asia Pacific, The Boston consulting Group, viewed that while bottoming out of growth is already happening, moving forward sustaining of the growth momentum would require a greater push for the pending reforms and improving the ICOR.



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