With the Narendra Modi government
completing two years in office, an overwhelming majority of the 50 chief
executive officers (CEOs) surveyed by this newspaper said the
government has met their expectations on economic reforms. The average
rating was seven out of 10.
In a nationwide survey conducted by this newspaper over the past three
weeks, CEOs said a number of steps taken by the government - bringing
down the corporate tax rate, clearing the retrospective tax mess and a
new bankruptcy law - have made it easier to do business in India. They
also appreciated initiatives like Digital India and the Swachh Bharat
campaign. When asked about the positives of the government, CEOs cited
better foreign relations, taming inflation and bringing down corruption
in governance as top achievements.
"I think there are perceptible signs of improvement in the ease of doing
business. We have also seen some important policy changes, like the
Bankruptcy Code Bill, the National Intellectual Property Rights Policy
and the Startup India policy, which are reflective of this government's
intent to enable economic growth. What we need now is a bigger push in
the investment policy in manufacturing to make it viable for Make in
India to succeed," said Kiran Mazumdar-Shaw, chairman and managing
director of Biocon.
ALSO READ: Report Card: Two years of Modi Government
Sajjan Jindal, chairman of JSW Steel, said, "During my travels abroad, I
clearly see that government's diplomacy has led to a rise in India's
stature at the global stage."
Among the negatives, CEOs cited the inability to build consensus on the
goods and services tax, inability to tackle the black money issue, and
inability to handle the Opposition. Chairman of Videocon Industries,
Venugopal Dhoot said the stability of the rupee and increased spending
in infrastructure are indicators of good governance. "India is the only
country in the world growing at 7.5 per cent according to the
International Monetary Fund (IMF). This shows our economy is on the
right track," said Dhoot. Read more.
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