March 30, 2020
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Stability, speed and reforms in labour laws and infrastructure. This is what corporate India wants from the government to achieve a high growth rate, says an Outlook-CII CEO Opinion Poll. A big no-no is Leftist interference.

National Ceographic
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Opinion pollNational CeographicStability

Opinion poll
National Ceographic
Stability, speed and reforms in labour laws and infrastructure. This is what corporate India wants from the government to achieve a high growth rate, says an Outlook-CII CEO Opinion Poll. A big no-no is Leftist interference.

What have been the most significant reforms that have happened in the past decade?

%

Trade liberalisation  69
Financial sector reforms 59
Foreign direct investment 44
Telecom reforms 44
Simplification of tax system 44
FERA liberalisation 34
End of Licence Raj 31
Disinvestment 9
Lower interest rates 9
Power sector reforms 6
MRTP abolition 6
Less bureaucracy 3
Reforms in land dev./housing 3
What are the vital areas where reforms have been inadequate?
Labour laws  56
Infrastructure 50
Education 28
Agriculture sector reforms 25
Power     25
Corruption 22
Government expenditure      16
Bureaucracy 16
Taxation 13
Population control 9%, Privatisation 9%, Healthcare 9%,
Subsidies 6%, Land reforms 6%, Financial sector reforms 6%, Rural employment 6%, Reduce deficits 6%, Full convertibility 3%, Intellectual property rights 3%

Have economic reforms mainly helped the upper and middle classes?
Yes 59
No 41
“Yes. But it’s important to note that before wealth can be distributed, it must earned.”
“No. Have-nots are not depending on breadcrumbs any more.”
Have reforms made a major dent in poverty?
Yes 56
No 41
“Lack of sustained commitment to reforms is what hurts the poor most.”
“Now, since wealth is being created, poverty will definitely be affected.”

How different is doing business now from how it was 10 years ago?
Easier 56
Far easier 38
Still difficult 6
“It’s easier...but still far more difficult than any country worth comparing against.”
“The politician-bureaucrat nexus is still to get its hands out of the till.”

Could the reforms have happened far faster in the last 10 years?
Yes 94
No 6
“We could have achieved the same in seven years. We underperformed by 30%.”
“Considering our population and complex problems, we couldn’t have done it faster.”

Are you upbeat about the current regime?
Yes 56
No 25
Don't Know 16
“With the Left, this regime in running a three-legged race with blindfolds.”
“This regime is running like a vehicle with brakes on while accelerating.”
What is your outlook on the Indian economy?
Excellent 16
Good 72
Not so bad 9
Don't know 3
“The Indian economy has a far greater potential, but it is performing poorly.”
“I think we can look forward to a decade of high growth and prosperity.”
 
Which are the sectors that you are most confident will do well over the next decade?
IT and ITES 47
Automobile and auto components    31
Tourism 22
Telecom 19
Textile and garments 19
Steel 19
Cement 16
Housing 12
Banking 12
Pharma 9
Biotech 9
Aviation 9
Healthcare 6
Infrastructure 6
Agri-based industries 6
Chemicals 6
Light engineering 3
Insurance 3
Entertainment 3

Do you think a stable government is essential for high economic growth?
Yes 81
No 19
“No. What we need is to delink politics from economics.”
“Yes, a stable government not influenced by smaller parties is essential for growth.”
Are you happy with a government with the Leftists as partners?
Yes 28
No 63
Don't Know 9
“They aren’t anti-reforms per se, but want to be told before any economic moves.”
“They should visit China and learn, or live in Cuba and let us live.”
How many Indian MNCs do you expect to see in 2015?
Less than 50 16
50 to 100 32
Between 101 to 500 19
More than a thousand 22
Don’t know 13

How would your sales and profitability be different if
a) government policy is liberal reformist, and b) policy aims to appease all influencing parties?
No difference 9
Up to 5% difference 25
5-10% difference 44
More than 10% 16
Don’t know 6

Would you agree to having reservations in the private sector?
No 78
Yes 6
Don't Know 16
“We should give preferential education to economically weaker sections.”
“Industry has a responsibility to society. But compulsions won’t work.”
What will India’s GDP growth rate be in 2015?
GDP growth rate
10% 34
5% 13
7-8% 28
Above 10% 16
DK/CS 9
Where do you see India vis-a-vis China in 2015?
China way ahead 44
India not far behind China 34
India on par with China 6
India ahead of China 6
DK/CS 9
“China will be far ahead as they have a single-minded vision, no Leftist parties(!).”
“If we can sustain double-digit GDP growth from 2007, we’ll overtake China.”
What in your opinion are the biggest bottlenecks to India achieving sustainable 8 per cent GDP growth every year?
Poor Infrastructure  63
Bureaucracy 31
Politics 31
Labour laws 25
Education 22
Wasteful government expenditure 19
Population 13
Corruption 13
No thrust on R&D 6
Interest rates 6
Agricultural sector reforms 3
Rural credit and finance 3
Subsidies 3
Communists 3
All figures in percentage

 

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