New Delhi: Welcoming the Congress-led United Progressive Alliance (UPA) Government's Common Minimum Programme (CMP), industry chambers today (May 27, 2004) termed it as "progressive" and "forward looking" and said it would help sustain higher socio-economic growth.

"The CMP is an honest attempt to blend social priorities with policies, aimed at sustaining higher rate of growth," PHD Chamber of Commerce and Industry (PHDCCI) president Ravi Wig said.

The chamber lauded the Government's resolve to improve the social infrastructure and raise employment while reiterating its commitment to fiscal consolidation and providing a spur to domestic and foreign investments.

Wig, however, pointed that the major challenge would be to draw up a detailed road map of policies to implement the agenda spelt out in the CMP.

Extending the support of trade and industry, Associated Chambers of Commerce and Industry (ASSOCHAM) president M K Sanghi said the CMP is "positive, progressive and forward looking".

"The Government should concentrate on developing world class infrastructure to attract more investments and connect rural India with urban cities enhancing economic power of the rural masses," he said.

On the proposed National Employment Guarantee Act, Sanghi said, "It was a step in the right direction, but difficult to implement till bold measures were taken to make labour laws flexible and make the entire agriculture sector economically viable through various means like corporatisation, leasing land and promoting GM food."