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It’s time to invest as economy moving towards reforms: Godrej

High Hopes: Industry confident that government will act decisively to spur growth in the country

Written by Press Trust Of India | London |
July 1, 2012 3:18:35 am

India is likely to see acceleration in economic reforms over the next quarter,and it is the right time to invest in the country as valuations have become reasonable,Confederation of Indian Industry (CII) president Adi Godrej has said.

The industry is very confident that over the next quarter “we will see some strong moves in terms of reforms to accelerate growth”,Godrej said at the CII’s Annual Reception in London on Friday.

He said the industry has been in dialogue with the government to suggest policy changes that would reignite the process of investment and growth.

Among CII’s recommendations are easing of monetary policy,faster implementation of infrastructure projects and control on subsidies.

This week,Prime Minister Manmohan Singh took additional charge of the finance ministry after Pranab Mukherjee resigned to contest presidential elections.

Pushed by Singh after he took charge of the Ministry,his top advisors,including Planning Commission Deputy Chairman Montek Singh Ahluwalia,and bureaucrats have started working overtime to deal with economic slowdown and low investor sentiment.

Meanwhile,signalling the increasing importance the UK attaches to India,British minister for energy and climate change Gregory Barker has been given additional responsibility for increasing trade and investment with India.

He will work along with his colleagues Jeremy Brown,minister of state for foreign affairs,and Lord Green,minister for trade.

The move shows the importance that UK gives to India,with three of its ministers having responsibility of increasing bilateral trade and investment relations.

The delegation also met UK Chancellor of the Exchequer George Osborne,Mayor of London Boris Johnson and Home Affairs Select Committee chairman Keith Vaz.

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