Dimapur, May 29 (EMN): There are now strong indications that the economy is set on a recovery path. The impact of sustained structural reforms is now being felt on the ground as a mammoth economy is turning around, said the president Confederation of Indian Industry (CII), Rakesh Bharti Mittal.
Businesses across several key sectors are experiencing firm growth in sales and orders, indicating better capacity utilization and higher investment expectations,” he added.
“The feedback from businesses is that the rebound in the economy is now firmly entrenched and the positive impact of the actions taken by the government, including major structural reforms, are being felt on the ground,” added Mittal.
According to CII, strong rural consumption is reflected in sectors such as consumer non-durables, two-wheelers and tractors. Prudent macroeconomic management has encouraged growth and investments for capacity expansion are being planned as demand conditions recover, the press release received from the CII Nagaland branch stated.
The government has avoided slippage in the fiscal deficit despite the rise in oil prices. Inflation too has remained under control to the extent possible even as cost of oil is going up, it added.
The capital goods sector is showing steady improvement and order books are filling up. Exports, too, are poised to grow at a faster pace in the current fiscal year, which started on a good note, noted CII.
Nagaland branch talks shop
The annual meeting of the Nagaland State Council of Confederation of Indian Industry (CII) was conducted on May 25 at Hotel Seb Tower in Dimapur.
A press release from the CII on Tuesday informed that the meeting deliberated particularly with regard to adoption and implementation of government ITI by CII members under Public Private Partnership (PPP) mode and the ongoing review of Nagaland industrial policy by the department of Industries & Commerce.
According to the updates, the CII had been pursuing to organise Northeast entrepreneurs summit and exhibition in Dimapur in association with DoNER and NEDFi.
For the stated reason, the meeting resolved to mobilise funding agencies to organise the event at the earliest. The members present have agreed collectively to approach genuine entrepreneurs and induct twenty new members during 2018-19.
An update also mentioned that, with the national e-way bill system compulsory for intra-state movement of goods from June 1.
The CII state branch had resolved to organize a workshop on e-way bill in Dimapur on June 23.
It was informed that the members unanimously elected C Merenla, MD of Fine Windows Company as the chairman of CII Nagaland State Council for 2018-19.
The members expressed appreciation to outgoing chairman Neichute Doulo for his contribution towards the growth of CII and also the business community.
