PM unhappy with India Inc over negative comments

Under fire from all corners on numerous issues facing the UPA government, Prime Minister Manmohah Singh expressed his displeasure over the reported comments by leaders of industry on slowdown and policy paralysis.

"I must confess that it is a little disappointing to sometimes hear negative comments emanating from our business leadership or be told that the government's policies are causing slowdown and pessimism in the industrial sector. Such comments have added to uncertainty and have emboldened those who have no stake in our economic growth," Singh said in a statement released after he chaired the meeting of Prime Minister's Council of Trade and Industry on Thursday evening.

It is true that our country faces a large number of issues which need urgent resolution. The energy sector, the port sector, the transport sector, the supply of gas and coal, all need greater attention. Corruption and better governance also require firm handling. I wish to assure you that our Government is serious about tackling these issues. We are also committed to ensuring the predictability and transparency of our policy and regulatory environment," Manmohan added.

In view of the opposition to several legislation from civil right activists and Opposition, Singh explained the compulsions under which the government operated. "Many of you have raised, from time to time, concerns with regard to domestic policy. Almost every major government decision has to be negotiated in the larger democratic arena. This is especially true of sensitive issues like those related to acquisition of land and environmental concerns. On issues such as these, industry and the government will have to work together to find solutions that are fair and equitable even as they promote growth", he said.

India Inc met the PM to discuss concerns over economic slowdown, high interest rates and lack of reforms.

Those present at the meeting included Tata Sons Chairman Ratan Tata, Bajaj Auto Chairman Rahul Bajaj, Reliance Industries’ Mukesh Ambani, former Chairman of Infosys NR Narayana Murthy, Bharti Airtel's Sunil Mittal and ICICI Bank's Chanda Kochhar. Commerce and Industry Minister Anand Sharma and Deputy Chairman of the Planning Commission Montek Singh Ahluwalia also attended the meeting.