At the BT MindRush 2013, India Inc joined the government to diagnose and suggest remedies for the economic issues. The theme was "Bridging the fault lines: How to re-engineer India Inc". The discussion was moderated by Business Today managing editor Josey Puliyenthuruthel. Other panelists were Anand Sharma, Commerce and Industry minister, N. Chandrasekaran, CEO of Tata Consultancy Services, Naina Lal Kidwai, Country Head, India, and Director, HSBC Asia Pacific and President, FICCI and Malvinder Mohan Singh, Chairman, Fortis Group.
The Indian economy is affected by red tape and bureaucratic delays. Commerce and industry minister Anand Sharma suggested a prescription to the problem. "We have to re-engineer government processes and also use technology to ensure that delays are cut."
Naina Lal Kidwai, country head, HSBC India said India has to think about an institutional framework for allocating national resources. "There is much to be done. We must not give up," said Kidwai.
A high fiscal deficit remains a cause of concern. But what worries her more is the sluggish GDP growth. "The near term still looks quite tough and slow," Kidwai added.
The TCS chief expressed faith in the country's economic story. "It is about the opportunities. It is fair to say there is no other country in the world which has the opportunity and the potential that India offers," said Natrajan Chandrasekaran, CEO, Tata Consultancy Services.
Malvinder Singh, Chairman, Fortis Group listed out four focus areas for India including reviving stalled infrastructure projects, pushing ahead with more reforms, ensuring a strong governance mechanism and creating a skilled manpower. "Ask not what the government will do for you, ask what we can do for India," said Singh.
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