Structural reforms are urgently required for reducing the cost of doing business as well as to renew confidence in the economy and support the recovery in the medium-term, says CII
As the government chalks out plans to bring the economy back on track, Confederation of Indian Industries (CII) has recommended several measures, including reduction in cost of transportation and logistics, privatisation of discoms, availability of long-term credits, ease of doing business, simplification of taxation and labour market reforms.
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The apex industry body has suggested actions to be taken in the short and medium-term to overcome the deep distress in the economy. This includes not only immediate restructuring requirements to support the economy from the damages inflicted by coronavirus but also prepare for a more competitive economic landscape over the next decade.
“Overall, a combined programme of short-term spending and medium-term reforms are necessary for a sustained economic recovery. Such a plan will revive India’s prospects and help narrow future fiscal deficits,” CII said in its latest report ‘A plan for economic recovery’.
Source: Business Today
