Ratan Tata, chairman of the country's biggest business house, Tata Group, said Prime Minister Manmohan Singh must restore credibility of the government and once again put the country on a growth path. Amid severe criticism of the prime minister's leadership in recent times by opposition parties, the media and some members of the ruling coalition, Tata in a Twitter message defended Singh.
He said, "Yes, it is true that our country lost its growth momentum over the past 12 months, that investment confidence has declined, that inflation has soared and that Government action has been too little too late — but to single out and blame the Prime Minister is grossly misdirected."
Recently, the 'Time' magazine had termed Singh as an "underachiever", while UK-based 'The Independent' had wondered if he was "India's saviour or Sonia's poodle".
Tata blamed political infighting and opposition's goal to topple the government. Besides, he attributed the allegations of corruption and illegal acts for bringing almost all government actions to a standstill. He also criticised the media for sensationalism and blamed recent policy changes that destroyed the credibility of the nation.
“Singh deserves the support of the people of India at this critical time,” said Tata in the Twitter message. “All eyes are on him here and overseas in what could be his finest hour in leading the country to economic prosperity once again.”
Tata said Singh needs to implement the promised reforms, remove roadblocks to growth and control crony capitalism. India's economic growth slowed to 5.3 per cent in the quarter ended March 31, the weakest pace in almost a decade. Singh has assumed the finance minister’s role last month, after Pranab Mukherjee resigned to contest the election for the President of India. He faces a budget deficit requiring record borrowing, a paralysis in policy making that has hurt efforts to spur investment and a faltering global economy.
Ratan Tata is set to pass the baton of the group's chairmanship to Cyrus Mistry in December. Mistry will be the sixth chairman of the 144-year-old business group owned by Tata Sons, which in turn is owned by philanthropic trusts endowed by the Tata family.