The Indian agriculture sector is expected to grow at 3%, while the industry and services sectors are expected to grow at the rate of 8.2% and 9.8% respectively according to the industry body Confederation of Indian Industry (CII).
India is likely to remain the fastest growing economy in the world. The country would certainly register 8% GDP growth in FY 2017 due to normal monsoons, low interest rates, positive investor sentiments and FDI inflows, said Naushad Forbes, President of CII.
The CII has taken several initiatives to establish Start-up Centers in the States through public–private partnership (PPP) – an institution for incubation of potential entrepreneurs to build future business houses creating large scale employment opportunities. This incubation programme would boost non-IT and rural entrepreneurship, he informed.
Forbes unveiled the CII’s theme of ‘Building National Competitiveness’ for FY 2017. To build national competitiveness, CII has laid emphasis on six key areas that include human development, corporate integrity & good citizenship, innovation & technical capability, ease of doing business, sustainability and global integration, he said.
Moreover, the CII has identified six manufacturing sectors and 26 sub-sectors where India can reach the top slots in the world. The six manufacturing sectors include automotive, aerospace & defence, engineering, cement & steel, chemicals & pharma and Information, Communication Technology & Electronics (ICTE). The CII is also planning to prepare a roadmap for these sectors, Forbes added.
The CII is bringing Groundwater-Energy-Farmer Income program to stabilise farmer incomes and resource, by offering incentives to farmers who save water through energy savings. By adopting water-energy saving measures, farmers can save energy and sell back the utility to gain compensation via direct transfers.
The industry body is working on a solid waste management programme called ‘Waste to Worth’ under the Swachh Bharat initiative. It would also escalate work for affirmative action along with Dalit Chamber of Commerce and Industry on education and vendor opportunities, under Standup India initiative.
Forbes urged the state governments to amend labour laws following the model set by Andhra Pradesh, Rajasthan, Madhya Pradesh and Gujarat. He also highlighted the need for other Indian states to emulate Tamil Nadu and Rajasthan in introducing land reforms.
Source: The Dollar Business