Latest News | Govt Should Focus on Ease of Doing Business: BCIC

Bengaluru Feb 3 (PTI) In a post-budget analysis session, organised by Bangalore Chamber of Industry and Commerce (BCIC) and Deloitte on Monday, Bengaluru's industry stalwarts have concluded that alongside stimulating consumption, the government should also focus on ease of doing business.

"Many entrepreneurs face regulatory challenges that hinder their ability to build businesses. While the budget has given investors clarity, the government should focus on ease of doing business," said Sameer Agarwal, Group CFO, of Manipal Hospitals.

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He also said the focus should also be on a more robust R&D system in India.

"While the budget's focus on various sectors, including startups, health, and infrastructure, is promising, the execution and deployment of funds will determine its success," added Agarwal.

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The primary challenge for India is to achieve sustained growth at over eight per cent to lift millions out of poverty and increase per capita income, said Kamal Bali, President & Managing Director, Volvo Group India.

"This growth must be inclusive, touching all sectors of the economy, including MSMEs, agriculture, startups, manufacturing, services, and tourism. The private sector should drive this growth, with the government providing good policy, regulatory directions, and infrastructure," added Bali.

Bali also said manufacturing remains a fundamental issue, with its contribution to GDP stagnating between 13 per cent and 17 per cent over the past 20-25 years.

"The government has done what it can, but the industry must address the challenges in manufacturing."

According to former president of BCIC and partner, Deloitte Touche Tohmatsu India LLP, K R Sekar, although the government continues to invest in infrastructure, the real push is towards boosting demand and liquidity in the economy.

"Crucial measures include raising MSME investment and turnover limits, easing credit access, and strengthening rural economic support via India Post's logistics network," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)