The Economic Survey rightly calls for faster regulatory clearances and putting in place the legal foundations for a well-functioning market economy for India. Revamping of laws and regulations governing business is urgently needed. Similarly, initiating financial sector reforms to address the problem of deteriorating asset quality deserve priority consideration, according to CII.
“CII hopes that the budget would implement some of the bold reform measures indicated in the survey. The budget should come out with innovative measures to revive the economy and provide an impetus to investment and growth which would create job opportunities for the large number of unemployed youth entering the job market,” added the CII head.
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