Decisive govt at Centre crucial for economic reforms:PHDCCIPTI | New Delhi | Updated: 15-05-2019 22:14 IST | Created: 15-05-2019 19:20 IST
A decisive government at the Centre would be crucial to push India's growth trajectory to the next level and further improve the ease of doing business scenario, PHD Chamber of Commerce and Industry said Wednesday. India is currently in the process of electing a new government, with the Lok Sabha polls in their final leg with one phase of voting left and the results expected on May 23.
PHD Chamber of Commerce and Industry (PHDCCI) President Rajeev Talwar said India is the fastest growing emerging economy in the world and has been projected to attain a size of USD 5 trillion in the next five years. "Significant improvement in the ease of doing business in recent years is highly appreciable. However, the effect should become visible at the ground level with ease of doing business rankings improving to the level of 25," said Talwar.
He pitched for a reduction in corporate tax to a level of 25 per cent for all corporate taxpayers without any turnover criteria to enhance collections and improve compliance. The focus should be on exploring new areas to revitalise exports growth with the improvement in logistics infrastructure and trade facilitation measures. This would enhance the exports growth trajectory and create millions of jobs in the next five years, said Talwar.
Privatisation of railway and road transport on the lines on the aviation industry is the need of the hour, he said, adding that the next five years would be extremely crucial for India's economy as the enhanced growth trajectory needs to be matched with job creation for millions of youth in the workforce.