WEF India focuses on inflation,graft

High interest rates are affecting GDP growth rates,consumption in interest sensitive sectors and investment that can affect future growth, said Godrej while adding that we may now be coming to the end of the interest rate cycle. The Reserve Bank of India needs to fight inflation by not merely with rate hikes but also controlling the rupee depreciation and through addressing supply side economics.

N Chandrasekaran,CEO,TCS said that he is bullish on India and the country needs to take advantage of its talent pool.

We need to harness the talent we have,not only for the development of India but also for world demand, said Chandrasekaran,adding that use of technology is important and businesses and the central and state government will have to see how they can work together for a better growth.

Godrej focused on the new manufacturing policy that he sees tremendous value in and help in pushing the GDP growth rate. He said that the consumer business is growing very well and has a tremendous opportunity to grow as the rural India is going to a stage where it can be an important platform to take the growth forward.

The new manufacturing policy aims to take the manufacturing growth in India from 15 per cent to 25 per cent in about 10 years. There are incentives like single window clearance,skill building and training. But it can drive growth faster if it is combined with indirect tax reforms-GST, said Godrej.

Godrej also said that at this platform where the international investor,domestic businesses and both central and state government have come together,they should discuss how we can actually have a goal of 10 per cent growth for the next decade in India.