After GST bill, RBI rate cut remains: FICCI

New Delhi, Dec 23 (IANS) With the tabling of the Goods and Services Tax (GST) Bill in parliament, only a rate cut by the RBI remained for satisfying industry’s demands, FICCI president Jyotsna Suri said on Tuesday.

"The GST bill has been introduced in the Lok Sabha. Now, the cutting of interest rates by the Reserve Bank of India (RBI) remains. Between both these covers lie almost everything major that the Indian industry has been looking at," Suri told IANS here.

Suri, who is the chairperson of Bharat Hotels, pointed out that her election was a landmark being only the third woman to head a major industry chamber in "over 200 years of combined history of FICCI (Federation of Indian Chambers of Commerce and Industry) and CII (Confederation of Indian Industry)".

The only Indian at the international executive committee of the World Travel and Tourism Council, Suri is also the first FICCI president from the tourism and hospitality industry.

"My agenda is defined by three Cs — concisive, collaborative with the government and conclusive. I want to conclude two, three initiatives in my 12-month tenure as the president. Primary on my agenda is the need to rejuvenate the investment cycle," she said.

"Prime Minister Narendra Modi has initiated a development agenda with programmes like ‘Make in India’, ‘Swachh Bharat’ and ‘Digital India’. We will be collaborative to push this agenda," she said.

Regarding the GST, she pointed to the agenda for industry by Finance Minister Arun Jaitley at the FICCI annual general meeting last week, when he urged building up public opinion in states for passing the law on reforming India’s indirect tax system.

"Any state that does not fall in line (with GST), my advice to all stakeholders is to go to states to raise the issue, convince, pressurise public opinion in all the states," Jaitley said.

"The centre and states should work together with a shared national vision on basic issues," Suri said.

She felt that as a woman she was more suited to the collaborative approach because "genetically women are more focused and patient".

The FICCI president said a major item on her agenda would be to encourage enterprise among women.

"There are plenty of women professionals but not many women entrepreneurs in our society. The new ministry of skill development and entrepreneurship is an important development and we can work together promote women entrepreneurship," Suri said.