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Focus on India for recording 7 percent plus growth: Nalco CMD

Focus on India for recording 7 percent plus growth: Nalco CMD

Bhubaneswar: Amid global economic slowdown, all focus now appears to be on India which is recording more than 7 per cent growth marked by major reforms to promote ease of doing business, NALCO CMD T K Chand said today.

“Industries across the globe are passing through difficult times, marked by sluggishness and slump in business and growth. But there is a bright spot where growth is occurring and everybody is eyeing India which is clocking a growth of more than 7 per cent,” he said.

There are big aspirations which are necessary to improve our ability to match them, said Chand while addressing a seminar organised jointly by the Institute of Company Secretaries of India (ICSI) and Insolvency and Bankruptcy Board of India here. The Nalco CMD mentioned that the ability to do better business comes from the eco-system, a company release said.

“Next to GST, the Insolvency and Bankruptcy Code 2016 will be the biggest economic reform for promoting the ease of doing business in India,” Chand added. “The enactment of the Code is a historic opportunity to implement it in the right earnest to unlock capital and ensure that dues of the workers and employees get the priority that is due.

The Code would take India from among relatively weak insolvency regimes to become one of the world’s best insolvency regimes,” Chand informed. Among others, Dr M S Sahoo, Chairman, Insolvency and Bankruptcy Board of India and Mamata Binani, President, ICSI, also addressed the seminar.

PTI