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Don't Get Disillusioned With Modi, Tata Tells Businesses
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India's top business leader Ratan Tata said the government should be given "support and opportunity" to deliver on his promises, cautioning businesses against getting "disillusioned so fast" with Prime Minister Narendra Modi.
Stating that the Modi government has not completed even one year in office, Tata said: "All of us should understand that it's a new government, and we need not get disillusioned and dissatisfied with so fast."
The comments come at a time when various business leaders, including HDFC Chairman Deepak Parekh, Marico Group's Harsh Mariwala and the new CII President Sumit Mazumder, have talked about a need for the new government's reform measures to start reflecting on the ground.
"There's a great deal of hope in the inspirational leadership of Modi. He is still in the early stages of defining what he hopes to deliver a new India. The implementation hasn't really taken form this year. But we still have to give him the opportunity to implement what he has promised," Tata said on Friday.
He was replying to a query on his views about the economy under the new regime during the convocation of the Mumbai International School of Business Bocconi.
"We're all hopeful that the country will move forward in the manner that Modi predicted. We really need to support it if we need to have a new country and outlook both internationally as well as domestically," Tata said.
He added: "In short, we're all hopeful that the country will move forward in the manner that Modi predicted."
Mazumder said on Thursday at a press conference in New Delhi that the Modi government has taken forward reforms in various areas but issues like land acquisition were still coming across as key bottlenecks for implementation of large projects, while the industry has also been experiencing obstacles with regard to the Companies Act.
The Modi government's land acquisition bill has caused a lot of anger in rural areas.
The government argues the changes to land acquisition laws are needed to spur development, from building new townships and industrial zones to more factories and roads.
Meanwhile, leading industrialist Adi Godrej has said the government needs to control extreme "Hindutva" elements because violence can dampen investor sentiment.
Expressing concern over attacks on churches, Godrej said such incidents could "create disturbances."
"I think the government needs to control these elements which try to be 'over-Hindutva' in their approach," Godrej told a news channel.
"Already some ministers have condemned it. The prime minister has also said so. I think that needs to be contained because if that kind of movement spreads it can create disturbances," he said.
Stating that there is a strong perception of the economy recovering, he said: "A lot of steps have already been taken in terms of reforms, in terms of objectives and I expect economic growth will pick up very soon."