"Industry is keen to undertake the next cycle of investments as soon as the economic reforms process kicks in. With several crucial economic bills getting delayed, investment deceleration is plaguing the economy,” CII Director General Chandrajit Banerjee said.

"Core sector growth has slowed down, the industrial production index remains volatile and bank credit is locked up. Parliament holds the key to unlocking the investment pipeline and CII urges taking up the necessary bills," he added.

Commenting on the stalemate in Parliament, Finance Minister Arun Jaitley stated yesterday that there were many issues like floods and agricultural issues which Rajya Sabha members wanted to raise. Bills like GST also needed to be discussed and passed, he added.

"Industry expects that our leaders would seize the window of opportunity for the country for expediting growth, which is so important in this stage of India's development," former CII president Ajay Shriram cited.

CII president Sumit Mazumder said, “Key bills including GST, the Right to Fair Compensation and Transparency in Land Acquisition, etc. are pending in Parliament. We would sincerely wish that attention can be devoted to these and other important economic issues. The pace of reform that we have seen in the last two sessions of Parliament should have continued unabated in this session too.”

"This is imperative for the economy. It is critical to be able to be on a steady and certain pace of reforms, including the ones, which need legislative intervention," he added. Godrej Group Chairman Adi Godrej asserted that GST Bill must be passed in this Parliamentary session if the vital tax reform is to be introduced by April 1, 2016.

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