Industrialist Vijay Mallya, whose group is in the midst of financial troubles, has blamed 'policy paralysis' for India's slow growth, saying that the economic slowdown has dampened even the spirits industry.
He has also said that the overall mood of the Indian consumer remains subdued, while rupee depreciation, coupled with crippling inflation, is taking its toll on an already sluggish economy and a weak consumer market.
Blaming the 'revenue-hungry' state governments and the sugar lobby for the rising costs in the spirits business, Mallya said that the overall economic environment in the country has been 'challenging, to say the least'.
He has also said that the overall mood of the Indian consumer remains subdued, while rupee depreciation, coupled with crippling inflation, is taking its toll on an already sluggish economy and a weak consumer market.
Blaming the 'revenue-hungry' state governments and the sugar lobby for the rising costs in the spirits business, Mallya said that the overall economic environment in the country has been 'challenging, to say the least'.