New Delh: Giving a thumbs up to the BJP government, leading industrialist Anand Mahindra says Prime Minister Narendra Modi’s focus on setting processes right is more important than big bang reforms.
“Up to now I am very heartened that what I am seeing happen is that somehow the PM has signalled that ‘I do not want delays, I do not want red tape’,” Mr Mahindra, who is the CMD of Mahindra Group, said.
Sharing his views on the new government, Mr Mahindra added, “He (Modi) is certainly saying that ‘I want decisions to be taken’ and I think that’s what is far more important for India than big bang reforms, it is the process reforms.” Elaborating, he said, “I have always said that more than big bang reforms, it is every day what is happening, changing on the ground (that matters). It is processes that are important.”
He said there have been changes that are making processes efficient, removing barriers to small traders and making small to medium and entrepreneurs find it easier to do business.
“So I am delighted that he (Modi) put a very special focus on a target that we must move up the ranking on ease of doing business and am I finding changes? Yes,” Mr Mahindra said. Lamenting the lack of decision making during the previous UPA government, he said, “We have found that certain applications we were making were lying for eight months, no decisions (were taken). People were scared to take decisions.”
While sounding cautious, Mahindra said with a new stable government in place, India is poised to become the investment destination again.
Meanwhile, lauding RBI for doing a “brilliant job” with controlling inflation and stabilising the rupee, Mr Mahindra hoped the central bank will cut interest rate as the economy has stabilised. “Now he (RBI Governor) has some breathing space, where the fuel price index would go down. So, in the next few months, if this situation continues, forex inflows are strong, IIP goes up, inflation is abetting, fuel prices are going down. This is the time now (for RBI to cut rate),” he said.
