India Inc on Monday asked the government to pull out all stops to ensure availability of enough money to drive the economy on a high growth trajectory despite the global meltdown.
"Our stand has been consistent. We have been saying that the focus should come back within reasonable degree, no ambiguity, on the issue of growth," FICCI President Rajeev Chandrasekhar told reporters after a meeting of industry leaders with the prime minister and the finance minister.
"I stress again if we have to really address this issue (impact of global crisis on India) and move forward the focus of the government without any ambiguity (should be) on driving growth and all the fiscal and monetary policies must be inclined to deliver growth," he added.
Expressing similar views, CII President K V Kamath said: "If this country has to progress, we need to set what is the growth we want and the growth clearly the government has articulated is around 8 per cent. If that is so, we need to work back (and see) what is the interest rate that will drive this growth."
Kamath said there is a need for a steep cut in interest rate and the government's steps to inject liquidity by cutting cash reserve ratio, repo rate and statutory liquidity ratio were signs that the government was willing to act.
"You inject liquidity you signal repo cut... signs are very clear that the interest rate should follow. When it would follow I cannot say," he said.
Assocham president Sajjan Jindal said government should increase spending in infrastructure projects and other key utility sectors that would ensure an 8 per cent GDP growth.
