Ahmedabad: With economy expanding at a nine-year low rate of 6.5 percent in 2011-12, industry chamber CII on Thursday demanded that the Centre immediately announce a revival package to bring the country back on growth track.
"There is an urgent need for the centre to announce a comprehensive economic revival package, which could bring the economy on the growth path," CII president Adi Godrej told reporters here on Thursday.
CII said that their primary demand is that RBI should cut repo rate and cash reserve ratio (CRR) by at least 100 basis points, which would make borrowings cheaper besides boosting sentiment.
"We will demand that the goods and service tax (GST) regime should be implemented by April 2013, which can add about 1.5 percent to the GDP," said Godrej.
GDP growth of the country has slipped to 6.5 percent in 2011-12, the worst in nien years and for the quarter ended March, 2012, the economy expanded only at 5.3 percent, again the slowest since 2002-03.
"We are also saying that the Centre needs to cut subsidies across the board to reduce fiscal deficit burden," said Godrej.
He added they would be meeting the Central government on Friday to put forward their demand.
CII will be partnering Gujarat government for the Vibrant Gujarat summit to be held in 2013 and will be holding at least 12 big seminars in the run up to the summit, Godrej said.
First Published: Thursday, May 31, 2012, 23:38