Panaji, Nov 6 (IANS) India’s growth story may take some time because the country had to suffer a bout of four to five years of “absolutely slow growth”, a top industrialist said on Friday, advocating patience.
Speaking to reporters on the sidelines of a Confederation of Indian Industries event here, the industry chamber’s western region chairman Sanjay Kirloskar also demanded that in order to boost the manufacturing industry, the sector should be provided sops on the lines of the Information Technology (IT) industry.
“Government has its own priorities about which levers to pull to make sure that growth will happen. This requires you to be a little patient. It has been one year and five months. We have had four-five years of absolutely slow growth, just give it some more time,” Kirloskar said to queries why production levels had not increased despite the National Democratic Alliance government’s ‘Make in India’ initiative.
Kirloskar, a director in the $ 2.5 billion dollar worth Kirloskar Group, also said that India’s ranking in the World Bank’s ‘Doing Business’ index had improved by 12 places, 142 to 130 and that investment in most Indian states was increasing.
“I think investments in most Indian states are increasinga if India’s ranking improves and this is (by) 12 points in one year, people are going to come here. This is a large market,” he said.
Batting for incentives for the manufacturing sector, Kirloskar said that the same sop model used to incentivise the booming IT industry should be adopted.
“We have IT industry for example, which had a lot of benefits which were given to them. We can see where the IT industry has gone. Similarly I believe manufacturing should also be given similar benefits which would encourage them to invest,” he said, adding that manufacturing industry could create a huge amount of employment.