Excerpts from maiden press address of Sandeep Jajodia, President, ASSCOAHM

18 February, 2017

Description

In his maiden press conference as the President of ASSOCHAM, CMD of Monnet Group Sandeep Jajodia stated that growth without job creation would be meaningless. As President of ASSOCHAM, his priority would be to encourage the creation of jobs, he said.

Outlined challenges such as the NPAs issue for public sector banks, de-leveraging of Corporate India, and strengthening exports, Jajodia stated that ASSOCHAM would work with the government and all stockholders to ensure pragmatic solutions are found.

Speaking of the signs of protectionism that are emerging form the new US Administration, the president stated that India needs to engage with the new administration, the US Congress and corporations to drive home the point that Indian IT companies were important contributors to the US economy.

With regard to the economic climate in India, Jajodia stated that the government needed to encourage spending and revive consumer demand. He suggested that measures Tax-Collected-at-Source on Transactions above Rs 2-3 Lakh should be revisited. Remonetisation should be a top priority for the government in order to address cash scarcity he added.

On the new RBI guidelines, the president stated that banks were shying away from bold decisions because of fear of lengthy and investigations. In order to address these fears a distinction needs to be made between malafide decisions and commercial decisions gone wrong, he opined.

Applauding the government's decision to increase the allocation for infrastructure, Jajodia urged the government to ensure swift and efficient execution of new infrastructure projects. He added that these projects would also help create employment not just in the construction sector but also allied industries.

A vibrant Indian economy can only be built on the basis of strong consumer demand, robust manufacturing, trade and service sector and modernised agriculture, he asserted