Sunil Kant Munjal, chairman of the Hero Group has lauded the regulatory framework of the country saying it is getting better and regulators are now stepping in promptly to handle financial crises.
India is currently experiencing the "pain of transition", Munjal said at the launch of his book "The Making of Hero".
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"A lot of questions on IBC were raised, but the way it is functioning... in the next 2-3 years, it will be a smooth functioning system," Munjal said.
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Stakeholders had raised concerns as cases dragged on for months and years in the NCLT and NCLAT and some of the most important cases have eventually settled in the Supreme Court.
On Goods and Services Tax, Munjal said although the initial concept of GST was simple, it has now become complex owing to "a lot of political compromises".
Nevertheless, he expects that complications around the latest tax structure would be addressed and GST will eventually evolve into a simpler form.
Asked about the RBI's intervention in Yes Bank and the possibility of SBI picking up a 49 percent stake in it, Munjal said, "It sends a very mixed signal. On one hand, it proves that the regulatory bodies are awake, On the other, it scared a lot of people who are not able to access their deposits."
On the state of the economy, he said it is expected that consumption may start picking up from the next 2-3 months but it will take 5-6 quarters for a full-fledged recovery to step in.
Asked about the novel coronavirus threat on the economy, Munjal said, "I am concerned but not worried. The negative impact of the virus should start receding by month- end but it needs to be seen how it impacts."
Tata Steel MD and CEO T V Narendran who was present at the programme said the government has acted swiftly in the Yes Bank case and its assurance to address problems within a timeframe of 30 days is very prompt.
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