At the session on “India’s Growth Outlook” at the India Economic Summit organized by the World Economic Forum and the Confederation of Indian Industry (CII) on Wednesday, November 6, panelists and experts were of the view that the Indian economy was at a turning point. Though more needs to be done, the government was off to a good start was the sentiment at the summit.

“Improving the ease of doing business in India was a major issue and the government has taken up this challenge very seriously,” said Ajay Shriram, president, CII and chairman and senior managing director, DCM Shriram Ltd a business conglomerate that deals in agriculture and chemicals. Shriram observed that the focus of action had shifted to the states of India, which he felt was a good move since the states were now vying with each other to attract investments and boost productivity.

Anand Mahindra, co-chair, India Economic Summit, and chairman and managing director, Mahindra & Mahindra Ltd, an Indian multinational automobile manufacturing corporation headquartered in Mumbai, noted that it would take some time to feel the impact of the reforms introduced by the Modi government, and recommended that the government should make steady consistent reforms rather than big bang ones.

“There is a need for the government to undertake a clear and consistent communication strategy to share the economic reform measures that it is undertaking with the electorate,” said Mr. Mahindra. He also stressed on the need for patience for these policy reforms to take hold.