The aforesaid views were expressed by the President of PHD Chamber of Commerce and Industry Mr. Alok B. Shriram on its internal document of mid-year economic review, stressing that capital subsidies as extended for so called industrialization of modern times are no longer required as industry refuses to be fed on them.
What the industry is consistently wanting is the policy narrative which accords for substantially improved business climate leading to much better ease of doing business in which approvals and clearances are hassle free. That will ensure projects execution, amounting to accelerate manufacturing what the government is looking for, said Mr. Shriram.
He reminded that industry invested heavily on diverse portfolios way back in 1991 when Dr. Manmohan Singh as the Finance Minister opened up the economy and facilitated and deepened India's integration with that of rest of the world. However, the realization soon came in that without effectively improving the ease business conditions, investments did not yield the desired results.
The scenario has improved significantly since then but now the present regime should hurry up so that India Inc. begins to invest heavily on its mandate, promises and commitment to alter the age old myopic business environment that has been prevailing for decades, restricting and restraining the growth of industry much below its potential, pointed out the President of the Chamber.
The industry of the day is hardly interested in obtaining the capital subsidies, say for example of Rs.25 to Rs.30 lakh for project execution as strings attached to it are so vast and enormous that it has no time to waste its energy on such frills as it has grown impatient for its expansion, growth and resurrection which could be revived and regained provided such subsidies are abandoned and climate created for improved business conditions, concluded Mr. Shriram.
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