India Inc told Finance Minister Pranab Minister that politics is hurting the Indian economy.
Sunil Bharti Mittal highlighted the negative effects of policy paralysis at the NDTV Business leadership Award function in Mumbai.
“It is restricting some good things that can happen,” said that Founder, Chairman and Group CEO of Bharti Enterprises. He received the ‘Corporate Conscience Award' at the function.
He further expressed concern over the Centre's failureto push forward key reforms like FDI in retail and getlegislations passed in Parliament, Only a bold government could lift the despondent mood of the industry, he said.
"We want a bold government and we want a responsible or atleast reasonable Opposition," Mittal said.
He further addressed Finance Minister Pranab Mukherjee directly on FDI in multi-brand retail.
"I urge you to be bold and I willpromise you that the business community will rise to theoccasion," he added.
The UPA-ruled government had proposed allowing Foreign Direct Investment (FDI) in multi-brand retail. However, it had to suspend its decision following severe opposition. Its ally, Trinamool Congress was part of the opposition, threatening the government majority.
Even some key reforms proposed in the pension and insurance sector were shot down by opposing political parties.
This comes at a time when there are global economic uncertainties affecting the Indian equity market and investment inflows. This has led to the rupee depreciating against dollar hitting new lows. The fiscal deficit too is showing no signs of retraction.
With economic activities slowing down, GDP growth is also expected to fall below the projected figure of 9 per cent for the current fiscal.
Mittal compared the current scenario to that of the early 90's when the government had to liberalize the corporate structure and initiate some ‘bold' reforms.
"You (Mukherjee) were an important minister inthe government when (in early 1990s) we were almost at a deadend. You took some bold moves, the Opposition was reasonable,perhaps more reasonable and we all rose to the occasion. Giveus that magic one more time,"Mittal reiterated.
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