Post date: Apr 15, 2012 12:24:54 PM
Godrej rates Modi government’s performance as 8.5 on a scale of 10 as he is enthused about India getting back on high levels of growth led by policy changes from the new government.
The Modi government completes 100 days in office today after its decisive victory on May 16. Adi Godrej, chairman, Godrej Industries spoke to CNBC-TV18 to share details on the hits and misses of the government so far and the expectations going forward. Godrej rates Modi government’s performance as 8.5 on a scale of 10 as he is enthused about India getting back on high levels of growth led by policy changes from the new government. According to Godrej, the Modi-led government’s immediate efforts must be towards easing the business environment in the country and there must be some clarity on General Anti-Avoidance Rule (GAAR) retrospective tax amendment and transfer pricing issue. "Ease of doing business must be improved; permissions that have taken too long, it is very difficult to operate in these conditions, people lock up funds for very long periods of time and that must be resolved at an early date. The whole taxation process should be looked at," he elaborates. Godrej believes the goods and services tax (GST) must be implemented by April 1, 2015 as it is a crucial step towards India’s growth story and will add another 2 percent to the Indian GDP. Going ahead, he is confident of getting back to 8 percent growth rate by second half of FY16.