The policy paralysis was bad enough. But UPA’s handling of the Presidential election has made it worse. With political uncertainty reaching a new high, India Inc gets more anxious. Business Standard presents a sample of views from across industry
“We need quick and coordinated fiscal, monetary and administrative actions to bring back investors’ confidence and improve business sentiments. The macro economic situation is deteriorating quickly and steps to arrest the downslide at this stage can save the economy from further decline to protect employment and livelihood.”
Adi Godrej, CII president, and chairman, Godrej Group
“We are making a mockery of the Presidential post. This is considered the highest office in our country and should be apolitical. The President should be an apolitical appointee who has the stature and integrity that can hold the political system accountable. How can persons who are in office, holding key ministerial posts be even eligible for such a post? This is becoming a political chess game which is devaluing this very lofty post.”
Kiran Mazumdar-Shaw, CMD, Biocon
"The President should ideally be a statesman who does not have a political background, as he has to be independent and do what is sound for the country… The latest crisis is a reflection of what is happening to the country. Political leaders have to show statesmanship and do what is good for the country."
Harsh Mariwala, CMD, Marico
“Given the political and economic scene, India’s advantage of large and domestic market base has not gone away. This will tempt foreign and Indian investors to find newer opportunities in India before elsewhere. I expect corrective action from the government after the Presidential elections.”
Vallabh Bhanshali, Chairman, Enam Group
“There are very low expectations from the government while macro scene looks improving, at least things have stopped getting worse. Companies have resigned to the fact that things will take their own time to fall in place and they are getting more and more insulated from political developments in the country.”
Rashesh Shah, Chairman, Edelweiss Group
“The Presidential election is likely to pave the way for some realignment within the UPA. That will strengthen it. Had it not been for Mamata Banerjee, the pension reforms would have gone through. It gives an indication that she didn't see the big picture. Unless the economy kick-starts, growth will be affected.”
Surinder Kapur, Chairman, Sona Group
“What is happening over the Presidential election is due to lack of cohesiveness and leadership in the government. If reforms have not progressed, that too is a leadership issue. There is contradiction with allies and within the Congress… If the government doesn't move, the slide will continue.”
Suresh Neotia, Co-founder and former chairman, Gujarat Ambuja Cements
“The current uncertainty in the selection of Presidential election candidates will turn in consensus among political parties. I do not see it as a lack of cohesion at the Centre and cause of policy paralysis.”
Venugopal Dhoot, Chairman, Videocon Group
“The national polity should stand united behind proactive and decisive economic actions. If there is any further political uncertainty of any kind, it will only delay and dilute the much-seriously needed governance as well as policy initiatives, which have been lacking in the present environment.”
Sidharth Birla, Vice-president, Ficci
“There’s need for some action. The government can raise FDI limits in civil aviation and defence, allow FDI in multi-brand retail and cut policy rates. These can help the investment cycle kick in and bring back growth in a period of eroding business confidence and palpable sense of gloom.”
Sunil Kant Munjal, Joint MD, Hero Motocorp
