The Federation of Indian Chambers of Commerce and Industry has called for a 10 per cent growth in gross domestic product to reduce proverb, create higher employment and upgrade education and health facilities in the country.

The industry association believes that a higher GDP growth would lead to a more than double-digit growth in per capita income, reduce poverty levels and attract higher investments.

Charting out its economic agenda for the next five years, Ficci said that a higher GDP growth rate would require an increase in saving rates by another 9.2 percentage points to 34.6 per cent of the GDP in the next five years.

Ficci also called for labour reforms by bringing in legislation for improving flexibility in use of labour, linking of wages to performance and productivity, provision of replacement of non-performing workers and a separate labour law for the small-scale sector.

Ficci also called for innovative funding methods for using long-term funds of pension funds and insurance funds for investment in infrastructure projects and an increase in foreign direct investment ceilings.

As a part of the infrastructure reforms suggested by Ficci, the National Highway Authority of India should be restructured with stronger managerial and financial autonomy.

It also said that land acquisition for highway projects should be made easier and governments should take steps to improve local rural connectivity.

For the development of ports, Ficci had suggested a new institutional structure, clearly separating policy, regulatory and commercial functions. It also called for corporatisation of existing ports in the country.

In telecommunications, Ficci asked for an increase in the sectoral foreign direct investment cap as well as the setting up of a Telecom Financing Corporation to meet specialised funding requirements of the telecom sector.

"The Bill for Convergence Act should be passed expeditiously. There is need to create a super regulator, namely, a Communications Commission of India," Ficci said.

Ficci also called for an appropriate mechanism for greater private sector participation in mobilising funds and fresh investments for the construction of new airports.

"Airport infrastructure for both domestic, international and cargo services need to be immediately upgraded. There is an urgent need for upgradation and mobilisation of air traffic control services," Ficci said.

In the power sector, Ficci said that cross-subsidisation in the sector needed to be phased out and called for a substantial transmission capacity augmentation.

As a part of its recommendation for reforming the divestment process, Ficci said that given the ground realities in India, the government could consider prior selling of a controlling stake to a strategic investor, which could then be followed by a public offer.

"The proceeds of divestment should be clearly earmarked for socio-economic development schemes related to health, education and unemployment insurance," Ficci's economic agenda noted.