The Confederation of Indian Industry has envisioned a "double digit inclusive growth" of the Indian economy in the coming years and has suggested six measures to achieve this.
The CII will be releasing a white paper on this subject at the inaugural session of the two-day national conference, starting on Tuesday.
The two-day session is expected to be a high-profile affair, where policy makers, industry captains, young leaders would deliberate on the means to propel India into the double-digit growth trajectory similar to China.
Foremost among its recommendation, the apex industry body has pointed at the need for managing fiscal deficit leading to lower inflation, control interest rates leading to a spur in growth. CII is of the view that fiscal discipline should be tightened by reducing the revenue deficit.
"India in fact should try to remove fiscal deficit as it crowds out investment in capital formation," said a CII release.
The CII has recommended that the government should implement the commitments of the white paper prepared by the empowered committee.
It should also move towards a unified tax system using VAT principle of taxing consumption of all goods and services. According to the paper, such a move would reduce price escalation at the front end and will also encourage manufacturers to consolidate operations, which will make India more competitive.
Stressing on the need for more focus on rural India, CII has recommended the early passage of Agriculture Produce Marketing Committee Act and said that the Government should also ensure quick implementation of an integrated food law.
Further the investment in rural infrastructure like roads and cold chain must also be beefed up and work towards creating an enabling atmosphere for rural artisans to grow.
These measures are expected to benefit India as farm income would increase and alternative income would stream from small trades, thus relieving pressure on farm sector.
The CII paper has also suggested targetting 10 jumps in HRD index, every year. The paper states that the government should create a well-defined matrix for routing 'monies' collected from education cess; link disbursals to actual performance.
It should also delicense the education sector to provide private investment, improve regulation, make curriculum and encourage PPPs in basic education and vocational education. The paper emphasises that better health would reduce dependency, reduce cost of living and would increase disposable income.
The paper also recommends more investment in e-governance as it will reduce government-public interface and reduce corruption. The paper further adds that it would be imperative to consider freeports and move beyond SEZs.