Reform measures can help India achieve 9% growth target: Godrej

Reform measures can help India achieve 9% growth target: GodrejIssues with allies have clearly slowed down decision making by coalition government, but implementation of reform measures can help India achieve the 9 per cent growth target, CII President Adi Godrej said on Wednesday.

Mr. Godrej said reform measures like allowing foreign direct investment (FDI) in sectors like multi-brand retail and aviation plus implementation of the goods & services tax (GST) would help a lot in putting growth back on track.

He warned that the country might get entangled in more economic difficulties unless reform measures are implemented.

Speaking on the topic, he said, "Reform measures should be taken forward. Else, we might get into further difficulties in terms of rating agencies, perception (of economy), and in terms of investors shying away."

The Indian economy grew at the slowest rate of 5.5 per cent in nine years during the first quarter of fiscal year of 2012-13.

The CII President also advised the government to adopt auctions and objective methods for allotment of natural resources to avoid any repetition of humiliations like those over allocations of 2G spectrum and coal blocks.

Mr. Godrej stressed that it was crucial for the government to take difficult decisions; else things could get into a vicious circle. He noted that governments in the past took some very difficult decisions very successfully.