New President For ICOCI
Mahendra Ramdas has been elected President of the Indian Chamber of Commerce and Industry, Coimbatore for 2008-2010. The power situation in the State is causing alarm, observed Mahendra Ramdas, the newly-elected president of the Indian Chamber of Commerce and Industry, Coimbatore. He pointed out that the power cuts had created a sense of uncertainty in the job market. Textile and engineering sectors were hit by power cuts. The country was facing several challenges such as slow growth rate, double digit inflation, high interest rates and falling demand. “We are likely to see more uncertainty in the coming year,” he said. “There is every possibility that the reform process will now be put on the back burner till a new Government takes over next year.” The chamber would urge the Government to carry on with the reforms and also speed up the process of getting the new Companies Act bill and the Limited Liability Partnership bill passed in the Parliament. Prime lending rates should be brought down to below eight per cent and liquidity should be improved. The chamber would also stress the need to focus on infrastructure development. The chamber, jointly with other industrial associations here, would seek a plan of action from the candidates who would contest in the Lok Sabha elections and what they would do on the issues that concern the public, he said.
