The Federation of Indian Chambers of Commerce and Industry on Saturday said that economic growth of 8-10 per cent, as envisioned by the National Democratic Alliance, was quite possible, and it has worked out an action plan in this regard for the next five years.
"We can achieve an average growth rate of 10 per cent during the next decade if concerted efforts are made towards sustaining the reform process. For achieving this goal, FICCI has worked out a detailed model with action plan for the next five years," FICCI president Yogendra K Modi said in New Delhi.
He cautioned that such a growth rate could not be achieved without major reforms in the legal and judicial system.
Modi was speaking at a national conference on 'Reinventing Indian legal system for achieving double digit economic growth'.
Highlighting the need for reviewing various laws which have become redundant or outmoded, he suggested that there should be a separate Insolvency Act for simplifying the winding up of companies.
He said the huge unnecessary legal cost adds to cost of operations just when companies are struggling to reduce costs to meet the threat of global competition.
The confidence of foreign investors in the country's business environment suffers because of the delay in delivering justice despite the fact that the country has one of the fairest judicial systems in the world, he said.
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