New Delhi: India Inc Tuesday hailed return of P Chidambaram as the Finance Minister, hoping the architect of 'dream budget' will put economy on higher growth path and expedite stalled economic reforms.
"He has a lot of experience of the Finance Ministry. Industry expects that he will bring back the growth momentum by urgently implementing the much needed reforms," Ficci Secretary General Rajiv Kumar said.
Echoing similar views, CII President Adi Godrej said the industry is looking forward for his help in the early implementation of all the important reforms to bring back the economic growth on higher trajectory.
Assocham Secretary General D S Rawat said the industry is confident that Chidambaram would introduce sound financial fiscal management.
"He will create a conducive environment for the growth of industry developments," Rawat said.
As Finance Minister, Chidambaram will have a formidable task of lifting economic growth which slipped to nine-year low of 6.5 per cent in 2011-12 and also inducing confidence among foreign and domestic investors.
Industry wants the government to expeditiously implement several economic reforms including allowing foreign direct investment (FDI) in multi-brand retail, increasing FDI cap in insurance, implementation of Goods and Services Tax and Direct Taxes Code.