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Industry lauds mid-year eco review by govt

Lauding the mid-year economic review, the industry on Tuesday said the process will instill transparency and encourage public debate on economic issues while the policy initiatives will push the economy on a higher growth path.

"A four-point policy initiative suggested in the mid-year review will help push the economy onto a higher growth path," FICCI (Federation of Indian Chambers of Commerce and Industry) president R S Lodha said while observing that the mid-year review had clearly brought out the strengths of the economy.

Expressing concern on labour market rigidity, continuation of SSI reservation and lack of infrastructure facilities, Lodha said current strengths of the economy like low inflation, strong export growth, improving industrial performance, buoyant external sector and pick up in core sectors will provide basis for undertaking major steps suggested in the review.

Terming the thrust on reforms as a welcome step, Confederation of Indian Industry president Ashok Soota said, "it is imperative that reforms in critical areas such as divestment gain momentum in order to impart greater credibility to the policy measures announced by the government".

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