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Needs to focus on productivity, boost demand via infra spend: India Inc CEOs

"The Covid-19 outbreak and resulting lockdown has impacted adversely the real economy, businesses, individuals, government and financial sector,” said Uday Kotak, incoming president of CII. “While the government is facing the risk of higher fiscal deficit, the banking sector urgently needs the recapitalisation to the tune of Rs 3-4 lakh crore to meet the lending requirements,” he said.

ET Bureau|
Last Updated: Jun 03, 2020, 10.58 AM IST
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PM's concept of Aatma Nirbhar Bharat great initiative: Ajay Piramal
PM's concept of Aatma Nirbhar Bharat great initiative: Ajay Piramal
NEW DELHI: The country needs to focus on improving productivity, and stimulate demand by spending more on infrastructure and removing the fear factor prevailing in people’s minds to revive the economy, India Inc CEOs feel.

These issues were raised in a virtual panel discussion on getting growth back during the Confederation of Indian Industry’s 125th annual session on Tuesday.

"The Covid-19 outbreak and resulting lockdown has impacted adversely the real economy, businesses, individuals, government and financial sector,” said Uday Kotak, incoming president of CII. “While the government is facing the risk of higher fiscal deficit, the banking sector urgently needs the recapitalisation to the tune of Rs 3-4 lakh crore to meet the lending requirements,” he said.

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Highlighting the need to bridge the gap between policy announcements and their implementation, Ajay Piramal, chairman Piramal Group, said, “We need to move faster on implementation part by strengthening institutions, invest in brand building and address growth.”

Stressing the need for speed, Kiran Majumdar-Shaw, chairperson of Biocon, said the government should take advantage of the shift to digital platforms to bring out extensive regulatory reforms in order to quicken the pace of online approvals.

Participants pointed out that the manufacturing sector is still facing lot of challenges on several fronts, particularly infrastructure, be it electricity, or roads.

“To revive manufacturing sector in India, we need to put in place more enablers, as only quality infrastructure can help create world class manufacturing,” said Rajnish Kumar, chairman of State Bank of India. He also underlined the importance of investing more in agriculture as the capital expenditure in this sector is stagnant. In services, there is a need to focus upon construction, which is the next major employer after agriculture in India, Kumar said.

(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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