Need to look at new markets: Cabinet Secretary
There is no doubt that the Indian economy will clock in growth rates in excess of 5.5% projected by the International Monetary Fund, said Mr. K.M.Chandrashekhar, Cabinet Secretary, Government of India. He was speaking at the Closing Session "Turning Crisis into Opportunity: Scope for Economic Reforms" at the National Conference 2009 of Confederation of Indian Industry (CII) held recently. Most sectors such as cement, steel, capital goods, auto, passenger cars and trucks have recorded a growth in the last quarter, said Mr. Chandrashekhar.
Mr. P.V.Bhide, Secretary- Revenue, Ministry of Finance, while complimenting India Inc on meeting their tax responsibilities, said that the revenues in the current fiscal willexceed that of last year inspite of the sacrifices made by the Government. He further assured the industry that the general direction of making improvements will continue though there was little room left for fiscal measures.
Complimenting the Government on the quick reaction to the economic crisis, Mr.K.V.Kamath, President, CII said "the general improvement in the climate would not have been there but for the quick action by the government".
Mr. Venu Srinivasan, Vice President, CII said "Going forward India will reach its potential but this will be possible only if we look after the health, education and infrastructure of our country".
Source: CII