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BW Businessworld

Top Executives Want More Reforms To Spur Growth

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India's senior business executives have called on the Narendra Modi government to pursue robust reforms to achieve greater economic growth.
The country has a major opportunity to shine while places like China, US and the EU are slowing down, KPMG India Chief Executive Officer Richard Rekhy said while participating in the panel discussion on "Deciphering Modi Government's Reforms Agenda" at the BW|Businessworld Real 500 Companies & Top PSU Awards ceremony in New Delhi.
The new government came to power on the promise of good governance and reforms, and it should deliver by accelerating growth, he said, adding that 5-6 per cent annual growth is not enough for the country as 18-19 million new people join the workforce every year.
Saying that India is a much stronger and more respected country than a decade ago, there are still many challenges in areas such as infrastructure, labour reforms and acquisition of land for projects.
The panel included JSA Managing Partner Jyoti Sagar,  Rolls-Royce South Asia President Kishore Jayaraman, and Ranbaxy Laboratories CEO and MD Arun Sawhney.
Sagar said the ease of doing must improve and regretted that India was placed 142nd among 189 countries for business friendliness in the latest World Bank survey. India's ranking last was 140 last year.
"The biggest issue that we have is generation of 200 million jobs by 2024. And how is that going to happen? That is not going to happen if business is difficult to do," he said.
Sagar also said institutions and regulators in India must be in tune with the national objectives and should provide businesses with certainty in regulation.
Sawhney said the "Make in India" drive offers a huge opportunity to turn India into a global manufacturing hub, but the goal can only be realised if the government follows up on its pronouncements with "pragmatic policies, good regulations and good infrastructure."
According to Jayaraman, transparency and the ease of doing business are important for multinational companies investing in India.
He said although companies like Rolls-Royce have been manufacturing in India for years, the Make in India push will encourage them to make new investments and "the framework that will enable us to do more is showing up more clearly."