Industry wants bold govt, reasonable Opposition: Sunil Mittal

Jan 07, 2012 |

mumbai

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Concerned over the Centre's failure to push forward key reforms like FDI in retail and get legislations passed in Parliament, Bharti Group chairman Sunil Mittal on Saturday said a ‘bold government’ could lift the mood of industry, which is currently despondent.

"We want a bold government... We want a responsible or at least reasonable Opposition," Mittal said in a reply to a question by Finance Minister Pranab Mukherjee at the NDTV Business Leadership Awards here.

"I would urge you (Mukherjee) to be bold and I will promise you that this (corporate) community will rise to the occasion and I will keep my fingers crossed that Opposition parties will be reasonable," he added.

The government had to suspend a decision on allowing FDI in the multi-brand retail sector following opposition, including from its ally, the Trinamool Congress.

The government could not also move forward with key economic legislations like reforms in the pension sector and liberalising foreign investment in the insurance sector because of stiff opposition from political parties.

Amid a tight monetary policy, high inflation and global uncertainty, economic activities have slowed down in the country and GDP growth is likely to fall below 7.5 per cent from the projected 9 per cent for the fiscal.

Recalling the economic reforms initiated in 1991-92, Mittal said: "You (Mukherjee) were an important minister in the government when (in early 1990s) we were almost at a dead end. You took some bold moves, the Opposition was reasonable, perhaps more reasonable and we all rose to the occasion. Give us that magic one more time."

Mittal said: "Everybody would like to see a forward movement and especially when the government takes some bold decisions".

"We expect all stakeholders, including the Opposition parties, to rise above politics and support some of the government moves," he said, adding that industry would have some "frank" discussions with the government during its pre-Budget interactions with the Finance Ministry.

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