Slow growth hampering process of inclusive growth, thereby affecting all sections, says Opposition

Major Opposition parties in the State have expressed concern over the stagnant industrial growth in the State over the past couple of years and stressed the need for a consensus among all stakeholders to infuse confidence among investors.

Participating in a discussion “Andhra Pradesh: What Next” organised by the State chapter of the Federation of Indian Chambers of Commerce and Industry (FICCI) here on Saturday, the Opposition parties TDP, TRS, BJP and the YSR Congress expressed concern that the slow pace of industrial development was hampering the process of inclusive growth, thereby affecting all sections.

AP Congress general secretary Abid Rasool Khan, TDP senior leader Y. Ramakrishnudu, YSRC’s D.A. Somayajulu, TRS MLA K.T. Rama Rao and BJP’s national spokesperson Nirmala Sitaraman participated in the discussion that was moderated by Indian School of Business dean Ajit Rangnekar.

Mr. Ramakrishudu expressed concern that various reasons including the global slowdown had impact on the domestic industry that witnessed decline in the number of new projects as well as employment potential.

Mr. Rama Rao said industrial stability was inextricably linked to social stability and the current uncertainty in the business and political arena was because of the Centre’s procrastination on the separate Telangana issue. Ms. Nirmala lamented that the absence of a blue print and assertive leadership in the State ensured that the State that competed with Bangalore during the NDA regime gradually lost out in the IT sector. Mr. Somayajulu said the State which performed exceedingly well during 2004-09, however, slowed down since the past four years. This, he said, was attributable to the policy paralysis on the part of the Central Government. “What is Prime Minister Manmohan Singh doing?” he asked.

Mr. Khan recalled the measures launched by the Congress Government to address various issues including the power crisis and hoped that the situation would ease shortly.