India cannot afford a period of political instability and must strategise to reprise a high growth, said Confederation of Indian Industry (CII) President S. Gopalakrishnan here on Tuesday.

Addressing the CII-SR Annual Regional-public session and conference on ‘Conscious competitiveness’, he said “This is crucial period for the nation and the economy and we have to be cognizant of our role as citizens and as industry in the large picture of ensuring empowerment and growth for the country.”

While pointing out that CII had offered a comprehensive agenda for growth to the government, including areas of fiscal consolidation, investment promotion, manufacturing services and infrastructure, he said that to revert to 8 per cent rate of growth and maintain it for three decades or more, one would require dedicated and committed efforts from the government, industry and citizens.

“As we head into general elections, we are confident the next government would take up economic revival as a priority,” he said.

He also said since 2000, India had witnessed unprecedented high rate of growth that had positively impacted poverty and incomes. However, in the last two years, there has been a marked slowdown in the gross domestic product growth rate to below 5 per cent. “CII expects this to improve in the coming years based on demographics, rural prosperity and the energy of entrepreneurs,” he said.

CII Director-General Chandrajit Banerjee announced the creation of Corporate Social Responsibility Exchange that would enable member organisations and industries with appropriate social engagements. Besides, it would encourage and support the industries in identifying a suitable CSR activity.

In the introductory remarks, CII-SR Chairman B. Santhanam said: “When we are positioning ourselves to become the destination for delivering various products, services and solutions, it is necessary for us to adopt business approaches and models which are more proactive and resilient”.

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