T V Narendran, President of the Confederation of Indian Industries (CII), said on Thursday that the focus on investment and infrastructure must remain in Budget 2022 because, while private sector investment is rebounding, the economy requires government investment, particularly in infrastructure.
In an interview, he also underlined the importance of continuing to focus on the cost and ease of doing business to overcome complexity and make it easier, noting that the CII has proposed self-certification (by businesses) as a way forward for compliance issues, as well as the creation of a cost of doing business index.
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He also advocated for concerted steps by the federal and state governments to reduce the economic impact of Omicron, citing growing concerns about business interruption as a result of the new coronavirus variety.
“There is clearly some concern about Omicron,” Narendran said in an interview. “But I think the overall input we hear is that it is spreading quickly but the health impact is lower.”
The economic impact of the third wave can be reduced if the federal and state governments coordinate their responses, he stated. Furthermore, he said that most sectors had a robust comeback in 2021.
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He also presented CII’s economic growth projections, stating that growth in FY22 will be 9.5 percent, and growth in the next fiscal year will be 8.5 percent. The current fiscal year will expire on March 31, 2022.
