Industry body, Confederation of Indian Industry (CII) has announced a new 10-point plan for the revival of the India economy following weak GDP growth figure in the fourth quarter.

The plan includes faster implementation of the Goods and Services Tax (GST) and make t easier for foreign firms to invest in the India aviation sector. Adi Godrej, President of the Confederation of Indian Industry (CII) has said low economic growth would affect job creation, inclusive growth and social upliftment.

The industry body has urged the government to focus on reviving the economy at a time when lower growth has sparked fear that the economy is slowing down. India’s GDP growth has fallen to its lowest level in 9 years to 5.3 per cent for the fourth quarter of the financial year till March 2012. The GDP growth for the same quarter of 2010-11 was 9.2 per cent, showed the latest data announced by the company.

He has asked the government to speed up the implementation of GST, which will act as a stimulus fo the economy. Other measures suggested by the CII include strong monetary stimulus, correcting the current account deficit by encouraging exports and containing imports, arresting rupee slide, reducing subsidies, implementing financial sector reforms and removing bottlenecks in infrastructure growth.

Mr. Godrej said “we need further reduction in both repo rates and CRR. This is the right time to create monetary stimulus to revive economy”.