CII strategy paper upbeat on higher growth
New Delhi: The Confederation of Indian Industry (CII) in an economic strategy paper has sought to establish that an eight per cent annual growth in gross domestic product (GDP) is well within reach and sustainable.

The strategy paper prepared by CII’s think tank points out that if the economic reform agenda is implemented, GDP can actually grow at 10 per cent annually.

The track record of the government on reforms through 2000 has been extremely positive, the paper states. It further says that, Millennium Deposit inflows, coupled with an expected lowering of oil prices in 2001 will boost liquidity, while the fiscal responsibility legislation will help bring down fiscal deficit to five per cent of GDP in the current financial year and to 4.5 per cent in 2001-02.

The six-page strategy paper has forecast that the inflation rate is expected to remain moderate throughout the next year and the interest rates will decline in the light of the steady improvement in the fiscal situation. A significant reduction in the primary fiscal deficit in the current financial year will create an environment for higher growth, it points out.

The paper is also upbeat on financial sector deregulation, the opening up of the insurance sector, a double digit growth in the services sector, increased competition among states for growth and the speeding up of the disinvestment process in the next few months.
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Investor protection fund to be set up soon
New Delhi: The Department of Company Affairs (DCA) is shortly setting up investor education and protection fund to take on various measures connected with investor protection and education, Mr.P.L.Sanjeev Reddy, secretary, DCA has stated.

Addressing a meeting with representatives of RBI, SEBI, National Stock Exchange (NSE), Unit Trust of India (UTI), other financial institutions on measures for strengthening the protection for investors, Mr. Reddy said that all investor agencies must adopt integrated approach to evolving a right mechanism for redressal of grievances of investors. This could be done by empowering them through a sustained awareness and education programme, solving investors problem online with the help of adequate networking and linkages among all the agencies.
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