S Gopalakrishnan pitches for passage of key economic bills

Dec 12 2013, 19:31 IST
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S Gopalakrishnan called for passage of key bills in Parliament to keep momentum in economic activities, notwithstanding the 2014 polls (Reuters) S Gopalakrishnan called for passage of key bills in Parliament to keep momentum in economic activities, notwithstanding the 2014 polls (Reuters)
SummaryS Gopalakrishnan said the recent economic data shows that GDP growth has gone up

Echoing the RBI Governor's views, CII President and co-founder of Infosys S Gopalakrishnan today called for passage of key bills in Parliament to keep the momentum in economic activities, notwithstanding the 2014 polls.

At the concluding day of the Delhi Economic Conclave, he said the recent economic data shows that GDP growth has gone up and performance of all sectors like industry and services are showing improvement.

"...to me what is positive is that proactive action can reverse the situation and that is the reason why I believe the RBI Governor also yesterday talked about continuing on the appropriate bills that need to be passed even during the run-up to the elections so that we can keep up the momentum," Gopalakrishnan said.

GDP growth in the second quarter of the fiscal improved to 4.8 per cent from 4.4 per cent in the preceding three months.

Government has taken several measures like setting up a Cabinet Committee on Infrastructure and got passed key legislations such as pension act and companies act to help the country get back on high growth path.

Government is also making efforts to get legalisations like increasing FDI limit in insurance sector and Direct Tax Code passed in Parliament.

At the same venue, RBI Governor Raghuram Rajan yesterday said political parties must not postpone passage of important bills because it may become challenging to get them approved after the 2014 general elections.

Talking about the services sector, where Infosys is a key player, he said that while there was a slump in growth of the segment due to cut in government expenditure and general slowdown in economic activities recently, but now there are signs of improvement.

"Services sector growth came down for two reasons, one is cutting government expenditure and second is the industrial side also slowed down. So both has had an impact on the services sector," Gopalakrishnan, who is also the Executive Vice-chairman of Infosys said.

The services sector has a dominant share in India's GDP, contributing 55-60 per cent to it.

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