In view of the general elections, industry chamber Assocham Friday came out with its "suggestions for manifestos of various political parties" towards creation of a policy framework enabling high growth, and incorporating an industry wish list.
Saying "policy facilitation is imperative to improve as well as sustain the growth momentum", Assocham in a statement here suggested early implementation of the Direct Taxes Code (2010) and Goods and Services Tax (GST) Bills in order to foster industrial development. GST, a new indirect tax regime, proposed to replace existing state and federal levies such as excise duty, service tax and value-added tax (VAT), has missed several deadlines for implementation due to differences between the states and the centre over revenue sharing.
Assocham felt, moreover, that time bound approval for businesses through a single-window clearance system and liberalised external borrowing limits would also help give a boost to industry. Stressing on infratsructure development, Assocham said the Western and the Eastern dedicated freight lines with their industrial corridors and inland waterways, especially in the North-East region, should be prioritised.The urban infrastructure, human resource capabilities and regulatory environment of Mumbai should be improved to facilitate the development of the western metropolis as an "international financial centre", the chamber added. Pointing to the importance of building social capital for inclusive growth, Assocham suggested that funding for education be increased to 6 percent, and for science and technology to 2 percent, of the national budget. The nationwide healthcare system will be a huge employment generator if training facilities for paramedical personnel are improved and rural postings made financially attractive, the statement added.