The recently announced reform measures are a good sign as the government has shown that it has the courage to act. But it may be still too early to say if this will end the uncertainty as much more needs to be done to accelerate the economy, remove infrastructure bottlenecks and improve the image of India internationally. I am, therefore, moderately optimistic and not wildly optimistic.
In the light of the recent developments relating to the findings of the Comptroller and Auditor General of India, if corrections are required, make them and move on for it is time to act.
The measures on foreign direct investment and diesel prices are not new and were hanging fire for a long time. Therefore, they should at best be seen as first steps that need to be encouraged and supported. It is very important that industry appreciates what has been done so far and should encourage and vocally support it and where ever required, articulate the logic for the policies and its soundness.
Industry on its part must try to ensure that every effort is made to encourage sound policies and not let it be hijacked by anyone with vested interests.
I will continue to do what is good for my company regardless of what the government does. For instance, today, power supply is a problem and, therefore, I will invest in captive power generation.
Vice-Chairman & CEO, Dr Reddy's Laboratories
(As told to Business Today)