SME Times News Bureau | 19 Mar, 2019
With General Elections scheduled shortly, CII has
released a Suggested Election Manifesto, providing an economic
roadmap for the incoming government.
It covers suggestions across a range of
subjects including Agriculture, Education, Health, Infrastructure,
Manufacturing, Technology and Environment.
Chandrajit Banerjee, Director General, CII said, “After
extensive discussion with industry members and experts from various fields, we
have evolved key suggestions to make an India of economic strength,
technological vitality and moral leadership towards India@75 in 2022.
The CII Suggested Election Manifesto has been
shared with all major political parties, both national and regional, for their
consideration and inclusion in their party manifesto.
CII targets an average growth rate of 8% per annum
for the next five years.
“The CII Suggested Manifesto envisages a continued
high pace of reforms, enabling India to take a lead in a world of multiple
transformations in the global and technology environment,” said Mr Chandrajit
Banerjee, Director General, CII.
The CII document calls for compressing GST rate
slabs to 2 or 3 and lowering corporate income tax to 18% with no exemptions to
make Indian tax rates globally competitive.
“The CII Suggested Manifesto highlights
administrative, judicial and police reforms. We also recommend the highest
priority on education, healthcare and infrastructure, among other sectors,”
added Mr Banerjee.
On electoral reforms, CII suggests devising a model
for simultaneous elections of Parliament and state legislatures from 2024
The CII note advocates raising public expenditure
on education to 6% of GDP. It suggests making vocational training part of the
curriculum and incentivising better performance of teachers with upgraded
digital school infrastructure, especially in rural schools. A key measure would
be to link universities with industry and increase government funding for
R&D to 1% of GDP.
On skill development, the industry body has
recommended lifelong skilling modules and new delivery models based on
technology.
CII has said that public expenditure on health
should be increased to 3% of GDP to reduce out-of-pocket expenditure. The
healthcare sector should be notified as an infrastructure sector. Reducing
India’s maternal and infant mortality ratios must be taken up on priority
basis, said the CII press release.
It advocates that for strategic PSEs, Government
stake should be lowered progressively in phase 1 to 51%, in phase 2 to 26% and
in phase 3 to Nil. For other PSEs, Government should exit from business within
5 years.
Sustainable development with water management
and air pollution mitigation are highlighted in the CII Suggested Election
Manifesto. It also calls for more sports academies and preserving local arts
and culture along with a policy for fostering the creative economy.