India Inc today expressed disappointment over the country’s economic growth, which slipped to a three-year low of 5.7 per cent in April-June.
Industry chamber PHDCCI said, ease of doing business remains a major concern as manufacturing firms, particularly labour intensive units, are impacted by various stringent laws and compliance costs.
PHDCCI President Gopal Jiwarajka said in a statement that the breakthrough in GST should be followed by reforms in labour laws such as a single uniform labour law across the country.
He said, the industry was in anticipation of rebound from low growth.
Assocham suggested that policymakers should take urgent steps to revive private investments.
The chamber cautioned the government that further downward risks to the growth still prevail in the form of rising crude oil prices, and inventory drawdown in the US, that will have its adverse effects on current account deficit and exchange rate. Crisil’s D K Joshi too said, the GDP figure is disappointing.
