The Federation of Indian Chambers of Commerce and Industry (FICCI) has welcomed Prime Minister Narendra Modi s acknowledgment of the role of Indian industry and business. Expressing his appreciation over the PM s statement, Uday Shankar, President, FICCI said that at a time that the COVID-hit Indian industry is trying to pick up its rhythm of high growth, Prime Minister s acknowledgment would be a much-needed shot in the arm for entrepreneurs and the business community.
The private sector contributes as much as 87% to the GDP and almost 60% to the employment in the country. This statement by the Prime Minister will lead to a fresh new discourse towards the national consensus on the role industry and enterprise play in this country.
The FICCI - Dhruva Advisors Survey stated today that Union Budget for fiscal 2021-22 will be presented in the shadow of COVID-19 pandemic. With the world s largest immunization program currently underway in the country, time is ripe to further accelerate efforts to reinvigorate the economy. The upcoming Budget must therefore focus on creating demand, encouraging infrastructure spends and increasing outlays for the social sector. These are the top three macro-economic themes, which members of India Inc would like to see in the upcoming Budget.
Additionally, with the global value chains being disrupted, innovation and R&D becoming the key differentiators of growth along with an array of new digital technologies. India Inc would like the government to continue with its policy focus on strengthening the manufacturing ecosystem, promoting research and development, and incentivizing futuristic technologies in the upcoming Budget.