Confederation of Indian Industry (CII) president R. Dinesh believes there is scope for some ‘quick-win’ reforms amid this election year to spur the economy, like expanding global trade ties and facilitating investments from pension funds and insurers, while bigger changes like GST rationalisation and fixing archaic factor market laws may have to wait till beyond 2024.
Stressing that several industry segments, including steel, cement, chemicals, as well as services like hotels and aviation, are seeing high-capacity utilisation rates, Mr. Dinesh asserted that private sector will “move from promise to delivery” this year, in an interview with The Hindu. He also highlighted the need for Indian businesses to be able to tap the necessary growth capital more easily from domestic banks as well as overseas investors.
“While steel and cement capacities are being robustly utilised due to infrastructure investments, for me a very positive sign is the machinery sector, which is already seeing around 80% utilisation. Machinery orders means that it is going into further productive investments by other companies,” Mr. Dinesh said.
