Godrej Group Chairman Adi Godrej has said the government needs to quickly address pending reforms to restore growth to a reasonable level as many sectors are facing problems.
Speaking on the sidelines of annual convention of Automotive Component Manufacturers Association of India (ACMA), Godrej, who is also the President of the Confederation of Indian Industry (CII), however, said there was no policy "paralysis" at present.
"First of all I would not like to use the word paralysis. What is very important is that reforms need to go forward, so we do hope government will quickly put in place all the pending reforms," Godrej said.
Stressing upon the need for speedy reforms, he added: "...if we can get the reforms agenda going then we can restore growth to a reasonable level."
According to the latest government data, India's economy grew by just 5.5 per cent in the April-June quarter this financial year due to poor performance of manufacturing, mining and farm sectors.
"Many sectors have problems, including the auto sector, so clearly the ministries concerned should look into the details of various sectors like auto, auto-components, aviation and power," Godrej said.
The government needs to go into the details of these sectors in order to facilitate the growth in each of them, he added.
Spelling out the main reforms that the government must take up immediately, he said: "Most important reform to my mind, which needs government attention is Goods and Services Tax (GST) , because this one reform can alone add around 1.5 to 2 per cent in funds to our GDP. GST should be passed at the earliest."
Many other reforms like FDI are pending. Fiscal deficit needs to be curtailed, he added.