CII chief sees dark days ahead

“The industry has to grow without looking to the government for help. We can do it; many have already done it in the past,” he added. He was delivering the inaugural address at “Agile manufacturig for the 21 st Century” an international conference organised by the CII in Chennai.Despite the gloomy picture he painted, the CII president did show some optimism when he spoke to reporters a little later. “The immediate priority of the new government should be to put economic growth backon track. An early budget will be the best way to do it,” he said.

“The Congress has had the experience in the past and the BJP has talked a lot about its economic agenda in the past. Whoever forms the government, they will be in a position to come out with an early budget,”’ he added.Current estimates are hinting at a growth rate of 5.5 per cent for the current financial year. “Next year we have to achieve 6.5 per cent and increase it to 7 per cent later,” he asserted.

To achieve this, the new government has to kick start investments especially in the infrastructure sector, he argued. It should also clear long-pending private sector investments.