High growth is still possible, says Mr. Harsh Pati Singhania

摘要

Mr. Harsh Pati Singhania , Vice Chairman and Managing Director, J.K.Papers, opines that high growth is still possible in India in the coming year. To promote infrastructure investment, the Government should set aside fiscal deficit concerns for now. After growing at an average of 8-9 per cent for most of the last decade, Indian economic growth almost halved last year. Despite some improvement in the latest quarter, overall growth this year is likely to be below 5 per cent. The most significant impact of this has been on manufacturing. Growth fell to just 1 per cent last year and has been in the negative so far in the current fiscal, drying up job opportunities. The decline is also accompanied by persistently high inflation. While rising unemployment has restricted demand, high inflation has squeezed demand further. It is highly imperative to fast-track investments, especially in the infrastructure domain, to bring India back on the high growth path. Stringent tax laws are another stumbling block for doing business in India.