Press Esc to close
Thursday 28 July 2016
News updated at 10:09 AM IST
Weather
Max: 29.4°C
Min : 20.7°C
In Bengaluru
Sunny day

Spate of recent probes against cos bad for industry: Ficci president

Annapurna Singh, New Delhi, December 24, 2013, DHNS:
Sidharth Birla

The slew of recent investigations against corporates does not bode well for the Indian industry, especially at a time when confidence has begun to return in the economy, the new Ficci President Sidharth Birla said Tuesday.

‘I think these developments are not good for industry or anybody else let alone investors. Reopening of age-old cases shatters confidence. Today it is CBI tomorrow it could be any other department,” Birla told Deccan Herald during an interaction. He was reacting to the news of preliminary enquiries against Vedanta Group in connection with alleged irregularities in the disinvestment of Hindustan Zinc (HZL) during the NDA regime 11 years ago.

Birla, who is also chairman of Xpro India, sees the Indian economy recovering from the low-growth period on the back of some commendable job done by the government in the past five months when the project clearance got accelerated but India still has to catch up with pace and implementation remains a hurdle.

“It is less of  policy paralysis. I say it has more to do with paralysis after the policy,” he said.Birla feels inflation is a blot coming in the way of overall economic growth and it can be removed only through the efforts of both the Centre and states. Monetary policy has a role in correcting inflation and anchoring inflationary expectations but when inflation driven by food articles, it is the sole responsibility of the government to enhance supple side response.

On the major pending economic reforms such as Goods and Services Tax and Direct Tax Code, which have been dragging for several years, he says the government should expedite such reforms which are in the benefit of everyone, but does not see the DTC coming before 2015.

“Whichever government comes to power, the next Budget will be passed only in July next year and even if they take up the DTC as their only priority, I don’t see it coming before the next budget,” Birla said.


Go to Top

Photo Gallery
Varun Dhawan, John Abraham and Jacqueline Fernandez during promotion of their upcoming movie...

Varun Dhawan, John Abraham and Jacqueline Fernandez during promotion of their upcoming movie...

A man dives to catch the ball during fotball practice in a public park in Kolkata...

A man dives to catch the ball during fotball practice in a public park in Kolkata...

CRPF personnel march during their 77th anniversary function at Kadarpur in Gurgaon on Wednesday....

CRPF personnel march during their 77th anniversary function at Kadarpur in Gurgaon on Wednesday....

Commuters walk with their belongings as buses were off the roads as the KSRTC employees' strike...

Commuters walk with their belongings as buses were off the roads as the KSRTC employees' strike...

Girls applying Henna in a competition organised as part of the Teej Festival at a school...

Girls applying Henna in a competition organised as part of the Teej Festival at a school...

Farmers cutting the ripened paddy plants in a flooded locality at Hajo in Kamrup district...

Farmers cutting the ripened paddy plants in a flooded locality at Hajo in Kamrup district...

Boys walk with an umbrella during rains in Srinagar on Wednesday...

Boys walk with an umbrella during rains in Srinagar on Wednesday...

A boy rows his makeshift raft in the weed covered Sabarmati river in Ahmedabad...

A boy rows his makeshift raft in the weed covered Sabarmati river in Ahmedabad...

A One-horned Rhino swims through flood waters in Kaziranga National Park in Assam on Wednesday...

A One-horned Rhino swims through flood waters in Kaziranga National Park in Assam on Wednesday...

Buffaloes being herded to a safer place from flood affected Singimari Village in Kamrup district...

Buffaloes being herded to a safer place from flood affected Singimari Village in Kamrup district...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523