From the Sec­re­tary Gen­eral's Desk…

FICCI Business Digest - - News - A Di­dar Singh

Te­co­nomic he 2017-18 Union Bud­get re­flects the Fi­nance Min­is­ter’s vi­sion to en­sure eco­nomic de­vel­op­ment with

jus­tice. It is di­rec­tion­ally cor­rect and fis­cally pru­dent aimed at for­ti­fy­ing gov­er­nance of the na­tion and pro­vid­ing mus­cle to the eco­nomic strength of the coun­try. Top North Block man­darins, while ad­dress­ing FICCI’s Na­tional Ex­ec­u­tive Com­mit­tee Meet­ing on Fe­bru­ary 4, 2017, main­tained that the Bud­get was con­sis­tent with the poli­cies of Gov­ern­ment, is pre­dictable in its ap­proach and is shorn of un­nec­es­sary sur­prises for the in­dus­try and so­ci­ety. It is a tes­ti­mony to Gov­ern­ment’s com­mit­ment to gov­er­nance re­forms aimed at trans­form­ing the econ­omy, en­er­gis­ing the peo­ple and clean­ing the sys­tem. The Com­mit­tee Mem­bers were as­sured that the impact on de­mon­e­ti­za­tion on growth would be very tran­sient and that it would not spill over to the next year which would see a growth of 7% plus and the econ­omy would con­tinue to do well there­after. We carry a re­port along with FICCI’s view on the Bud­get pro­pos­als as spelt out by Pres­i­dent Pankaj Pa­tel in an ar­ti­cle in this is­sue. We also carry highlights of the two knowl­edge pa­pers - FICCI-KPMG white pa­per ti­tled ‘Re-engi­neer­ing the skill ecosys­tem’ and FICCI-PwC re­port, ‘Shap­ing Con­sumer Trends’. The FICCI-KPMG pa­per traces coun­try’s growth story by track­ing India’s GDP and Gross State Do­mes­tic Prod­uct along with the evo­lu­tion of In­dian work­force over the years. The pa­per ex­plores the com­plex­ity and di­ver­sity of the coun­try in terms of eco­nomic de­vel­op­ment, de­mog­ra­phy, ge­og­ra­phy, in­ter­nal and in­ter­na­tional mi­gra­tion, un­avail­abil­ity of rel­e­vant data etc. The FICCI-PwC re­port notes that changes to In­dian con­sumer be­hav­iour are be­ing driven by in­creas­ing in­comes, the younger pro­file of con­sumers and grow­ing ac­cess to the in­ter­net. The re­port states that the in­creased use of smart­phones, con­scious­ness and con­cerns about health and the en­vi­ron­ment, tech­no­log­i­cal in­no­va­tions and the ris­ing com­plex­ity of decision-mak­ing due to the pro­lif­er­a­tion of prod­ucts and points of sale are key ar­eas of change that will impact con­sumer and re­tail busi­nesses. FICCI was priv­i­leged to co-host two im­por­tant con­claves aimed at at­tract­ing in­vest­ment in Gu­jarat and West Ben­gal. The Vi­brant Gu­jarat sum­mit in Gandhinagar and the Ben­gal Global Busi­ness Sum­mit in Kolkata were highly suc­cess­ful in show­cas­ing to do­mes­tic and for­eign in­vestors the eco­nomic strides made by these states and gen­er­ated crores worth of busi­ness pro­pos­als. We wel­come your feed­back and comments on the con­tents of this is­sue of the mag­a­zine.

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