Business owners are demanding clarity from the government on how it intends to address their concerns about the country’s economic growth and the need for a more inclusive government.
Some businesses are calling on Prime Minister Narendra Modi to issue an executive order outlining the Government’s policies and priorities and outlining what the country expects of its citizens.
“The business community is really frustrated by the lack of clarity and lack of a clear vision on how the government will move forward.
They feel that the government needs to provide them clarity, which is really what we need right now,” said Amit Kumar, president of Indian National Capital Corporation (INC).
Amit Kumar, vice president of the International Federation of Chambers of Commerce (FICC), said businesses in India are worried about the impact of the countrys economic slowdown on the country as a whole and its businesses.
“If the government doesn’t make clear to us what it wants, then our business can’t function,” said Kumar, who heads the India Chamber of Commerce.
“We need to be clear on what our expectations are and what our role will be.”
According to the Association of Chambers and Enterprises of India (ACSI), there are more than 200,000 businesses in the country with over 7,000 active franchisees.
“In the past 10 years, we have witnessed a decline in the number of businesses, especially in the apparel and footwear sector.
But we are seeing a sharp increase in the growth of Indian business,” said Rakesh Sharma, chairman of the Federation of Indian Chambers of Enterprises (FICA).
The number of Indian businesses has increased by more than a quarter since 2011, when there were almost 1,200,000, according to ACSI.
Sharma said India needs to invest more in its business sectors and create jobs for its citizens as it faces challenges such as the rising cost of living and corruption.