The panel of four ministers -Finance Minister Arun Jaitley, Railways Minister Suresh Prabhu, Communications and IT Minister Ravi Shankar Prasad, Minister of State for Power, Coal and New & Renewable Energy Piyush Goyal -will wade deep into a discussion with industry on improving ease of doing business in India to improve economic growth.
This government has been labouring to improve ease of doing business ever since it was sworn in. But the government’s mid-year economic review picked out private investment as one of the two growth engines that has failed. Ease of doing business, thus, assumes even more importance, given the economic challenges ahead. Earlier this week, the World Bank downgraded its forecast for global growth in 2016 to 2.9% from its earlier estimate of 3.3%, largely on the back of lower growth or recession in emerging markets. India was the lone bright spot, with the World Bank forecasting a 7.8% growth in 2016 and 7.9% for the next two years, making India the world’s fastestgrowing economy.
But several concerns of slowdown have surfaced, particularly from the corporate sector. The prime minister has set up eight groups of secretaries to inject fresh ideas into growth plans, ET reported on Thursday. Earlier, FM Jaitley set his agenda for the new year, identifying ease of doing business and passage of the goods & services tax (GST) Bill as the top priorities of the government.
Even as it celebrates corporate excellence, the ET Awards will also serve as a platform for government and business leaders to come together to craft a new growth plan in the light of a new and difficult global economic environment.