'Industry expects winds of change from Modi government'
R C Bhargava May 27, 2014
We have high expectations from Prime Minister Narendra Modi. We would not expect things to change overnight, but I am very hopeful that the situation would change for the better soon. The way Mr. Modi has governed Gujarat, I am optimistic that he would also bring in winds of change at the Centre.
Industry is reeling under slowdown for quite some time and it needs an overall push. The economy has been plagued by irresponsible bureaucracy and lack of accountability in governance.
We hope that the new government would implement policies in coordination with the states. Even if the Centre is able to effectively implement policies in a few states, other states too would automatically fall in line.
What we now need and expect is that the new government will make it easier to do business. Mr. Modi as Gujarat chief minister made it asier to do business in the state. Now, with Mr. Modi as PM, there is a positive sentiment in the market which will help in the revival of industry.
I am sure that he would make his Cabinet colleagues and bureaucracy accountable.
Stress should be on creating more jobs. On the infrastructure front, many projects are held up due to lack of power supply, which is acting as a huge deterrent to the manufacturing sector. The government needs to address it on a priority basis. If we lag, even smaller South Asian nations like Vietnam will leave us way behind.
The auto sector has been the victim of the economic slowdown as well. The UPA II government reduced taxes on the auto industry. We hope that Mr. Modi would continue to offer the sop to the auto industry till the sector witnesses revival.
The way government departments like the CBI, vigilance, audit and other agencies are being run, they need to be made accountable and only then can we think of eradicating corruption to some extent.