Govt's reforms act excellent, says CII

Confederation of Indian Industry (CII) rated the performance of the NDA government on the economic front "excellent" even though the reforms agenda was unfinished.

The industry chamber is awaiting the formation of a government after the elections for the inauguration of its annual general meeting by the new prime minister.

"The economic scorecard of the NDA government in the last five years has been very impressive, but the reforms agenda is still unfinished, especially in labour and infrastructure development and in the financial sector," CII Director General-designate N Srinivasan said.

"We want the prime minister of the day to address our AGM in early June as we would like to hold dialogue with the government of the day," he said, adding the AGM had been deferred from April this year.

Srinivasan gave the BJP-led government a score of 7.5 on a scorecard of 10. The pace of reforms during the Congress government under PV Narasimha Rao had slowed in the last two years of the rule despite having done a "pathbreaking" work in the first three years.

Populism does take a toll but is short-lived and, fortunately, takes place only during the few months preceding elections, Srinivasan, one of the longest-serving staffers of the industry chamber and currently its deputy director general, said.

"However, it is amazing to know about the high order of political maturity in the country. I am so proud of our political process where differences so easily co-exist," Srinivasan said.

"People in other countries do not understand the speed at which things take place in India because of the dynamics of a vibrant democracy here," he said.

"We should also remember that whatever happens in India is not unique to the country but takes place in every part of the world," Srinivasan, who takes over from Tarun Das on June 1, said.

"Even in the US, political rhetoric get shriller during the poll campaign as we witness it in the ongoing presidential election propaganda in that country," he said.

"On companies slugging it out in Parliament, he said corporate battles should be fought in the market and not in Parliament," Srinivasan added.

However, the corporate world cannot work in isolation. There cannot be different silos for different sections of the society, including the corporate world. They (corporates) should work together in common constructive mode with the polity through an open and educated "dialogue in democracy", he said.

In India, there was a growing trend to bring political rhetoric and economic philosophy together. This was generally taking place irrespective of party affiliations, Srinivasan said.

"It is a matter of great satisfaction that development is the main matter of concern to every political party, irrespective of their complexions."

Whether it is Buddhadeb Bhattacharya in West Bengal, SM Krishna in Karnataka or Vasundhara Raje Scindia in Rajasthan, they are all focussed on he development of their states and it is a central issue to all in the country," he said.

There is a general economic consensus in the country on issues like opening of different sectors, bringing more competition in the economy and creating regulatory bodies. "Everyone is in sync," he said.

Ensuring education, healthcare facilities and bringing rural populace to the mainstream, despite political differences, sees everyone together, he added.