Background
The country has shown strong resilience to withstand recessionary threats and is poised for recovery. There is a stable Government at the Centre which has made its intentions clear for fighting the recession through fiscal stimulus even at the cost of deficit and promoting inclusive growth through public expenditures. These have already provided much needed fillip to the economic development agenda by creating rural demand and increasing rural purchasing power. A growth focused Union Budget 2010 signals gradual removal of stimulus package, clear roadmap for tax reforms next year through GST & DTC, rolling the ball forward for fiscal consolidation, while at the same time continuing with a growth agenda focusing on AAM ADMI and carrying forward its goal for financial inclusion with heavy investments in infrastructure and social sector. After successfully managing the effects of the global slowdown, we need to strengthen the domestic macroeconomic environment to help consolidate the rebound in growth and sustain it over the medium term.
ICC feels that in these times of recovery and growth, commerce and industry cannot remain shy of inclusive development. It strongly believes that the industry could benefit from the inclusive growth program of the Government by focusing on the markets in semi & non-urban locations where demand/consumption enhancement is expected. ICC would work towards assisting the Commerce and Industry in optimizing their growth initiatives through leveraging of such opportunities thereby playing a significant role in promoting inclusive growth. It is necessary to recognise the fundamental dilemmas in the political and business approaches towards achieving inclusive growth. Unless these are resolved inclusive growth will remain a distant dream. While the Government must, ensure implementation of the Plans & Programmes aimed at fostering a long-term sustainable inclusive growth process, the Indian industry will similarly have to not only meet the skill gap but also come up with innovative concepts so that inclusive growth does not lead to loss of productivity or profitability.
Since economic reforms would be necessary corollary to growth pursuit, reforms would provide opportunities for getting empowered. Growth potential of the rural economy is tremendous and aggregate rural purchasing power under right economic environment can do wonders not only to the Indian Economy but also to the social infrastructure. While Government initiative must focus upon empowering the weaker sections, industry and commerce also need to consider empowerment as a significant agenda, and also actively promote national economic interests through proper use of reforms. Strengthening of education infrastructure and women empowerment by creating more opportunities for them will have to be the focus, and both Industry & Government must partner each other in making India an empowered economy.
ICC would work continuously towards ensuring that recommendations related to reform initiatives are placed before the Government from time to time, and also assist the Government in implementing the reforms through necessary intellectual support and inputs.
Theme
In keeping with these objectives and the role that ICC would like to play significantly next year, theme should be IED led Growth – “Promoting Growth Through INCLUSION, EMPOWERMENT, DEVELOPMENT”
Theme Implementation Memorandum
1. There is vast rural potential in India whose purchasing power is increasing. Many companies are trying to tap this rural potential. ICC would take initiative to educate its members to pursue business models that help them penetrate rural market, develop innovative approach to make the people participate in the growth process. Various programmes that it organizes would be tuned to these requirement.
2. ICC plans to organize several clinics like Tax Clinic, IT clinic, HR clinic, SME clinic etc. which would provide opportunities for the members to understand the nuances the issues as well as empower them to deliver better for the growth of the economy.
3. ICC plans to commence a project on ICC model village to support such initiatives by NGO and reputed institutions like Ramakrishna Mission.
4. ICC on a regular basis invites various sections of policy makers, Govt. authorities as well as successful corporate personalities. These are forums, which bridges the gap between entrepreneurs and Govt. stand, its rules & policies and corporate success stories that would influence their businesses.
5. ICC would partner with the Govt. on several areas reforms and development and its has planned to:
a. Have regular interactions with policy makers by providing intellectual input.
b. Plans India Invest Model as a major event
c. Conducts various economic and industry surveys to support policy makers and other stakeholders.
6. Coming out with survey reports focusing on EAST which has vast SME potential. ICC organizes several events focused to industries in East and SME sectors aimed at empowering them.
7. ICC has specific agenda for education sector, healthcare sector and women empowerment. It would partner with the Govt. to carry forward the messages across and educate accordingly.