Industrialist Ajit Gulabchand today said the government needs to address industry's concerns over non-availability of new credit from banks, high corporate tax and ease of doing business.
Gulabchand, Chairman and Managing Director of Hindustan Construction Company, said that the government needs to take steps to "bring joy to the business".
"We need a lot of big fixes that are required. For example banking. It is not giving any new credit... We need to find a solution... we need to sit and find it quickly," Gulabchand told reporters on the sidelines of the WEF summit.
On ease of doing business, he said: "It's time for us to look into what would bring joy to the business... ." He also advocated to bring the corporate taxes down and at par with the east Asian nations.
"Tax levels have to come down for the corporate need. We need a substantial reduction in line with East Asian countries," Gulabchand said.
Over the current economic situation, he said the government is working to improve and the industry should not lose "optimism"
"One thing is refreshing about it is that he (Prime Minister) acknowledged that there are problems and he would find solutions for them and he would stand behind. I think that's extremely encouraging," he added.
Moreover, the government has also increased spends on infrastructure in the last two years, he said adding the process needs more efficiencies.
Meanwhile, speaking on "Water-Secure India" during the WEF summit, he said there is a need to address the water consumption in the agriculture sector.
"The real problem would be that how we are going to reduce the water consumption at our agriculture end and that is where the real scarcity is going to take place," he said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)