‘It is Rupees that has fallen, not the heavens’
1 Sep 2013 7:51 PM GMT
What do you have to say about the falling value of the rupee vs the dollar?
As far as the rupee is concerned, the heavens haven’t fallen yet! I believe there is opportunity in every crisis. This is an opportunity for us to concentrate on different sectors like mining, leather, textiles and production to create the balance. We may improve exports and reduce our total costs on imports. If we want to come on top in global competition, we have to overcome adversities.
The Indian economy on the whole is going down. What are your thoughts on this?
We are a democratic society where the economy, production, money and quality of life are all dependent on the judicial and administrative set-up. To be honest, there is an atmosphere of
distrust among investors. If we take a look at cases like Airtel, what message have we given to the world?
Hence, investors are afraid of taking decisions. Entrepreneurs are demoralised as a situation has been created in the country where no decisions are taken on time. If we talk about scams like those relating to coal and steel, we can clearly see that the whole money is going into imports of such resources. Why is this happening when we have such rich resources of our own? The whole system is disturbed and the economy is in crisis. Had the agricultural sector not given valuable support, God forbid, the economy would have crumbled!
You have also seen the pre-liberalisation era. What do you think is lacking today? Why is our economic condition more or less similar to that of the early 1990s?
Well, till 1991 it was licence and permit-raj; now its permission-raj. Post-’91, there were relaxations in several rules. But today we need further relaxations. As a country, we have evolved in so many sectors like agriculture and IT. We are one of the largest producers of raw leather and textile goods in the world. But today, the manufacturing sector is
crippled in these areas to.
Still, we continue to be the second fastest growing economy after China even after this mess. Our speed has been daunted by many things like lack of confidence, accountability of those who are not performing, and, yes, the burdens of indecision.
There is a huge recession in the market. What can be done to correct the situation?
We have the biggest youth population but we don’t have enough research institutes to provide quality education. Our youth are creative and intelligent but frustrated due to the recession. If the the services and IT sectors do well, we can create more employment. We have two options — to develop quality research institutes or to upgrade ourselves technologically by the quick transfer of technology from the world market.
In the context of the coming elections, what kind of government are you hoping for?
What we are lacking right now is collective performance. We need doers and a strong leader. The government, which can change the atmosphere of mistrust among investors, can provide employment and a good quality life for society.
As the MD of such a large group, what is your vision for the future?
We are in a comfortable position. We serve 80 per cent people who are suffering the wrath of the economy. There is public participation in our projects and we are creating employment. We have future growth plans in the housing and infrastructure sectors and services, educational & medical tourism infrastructure as well. Our efforts in these areas have paid us dividends.
As far as the rupee is concerned, the heavens haven’t fallen yet! I believe there is opportunity in every crisis. This is an opportunity for us to concentrate on different sectors like mining, leather, textiles and production to create the balance. We may improve exports and reduce our total costs on imports. If we want to come on top in global competition, we have to overcome adversities.
The Indian economy on the whole is going down. What are your thoughts on this?
We are a democratic society where the economy, production, money and quality of life are all dependent on the judicial and administrative set-up. To be honest, there is an atmosphere of
distrust among investors. If we take a look at cases like Airtel, what message have we given to the world?
Hence, investors are afraid of taking decisions. Entrepreneurs are demoralised as a situation has been created in the country where no decisions are taken on time. If we talk about scams like those relating to coal and steel, we can clearly see that the whole money is going into imports of such resources. Why is this happening when we have such rich resources of our own? The whole system is disturbed and the economy is in crisis. Had the agricultural sector not given valuable support, God forbid, the economy would have crumbled!
You have also seen the pre-liberalisation era. What do you think is lacking today? Why is our economic condition more or less similar to that of the early 1990s?
Well, till 1991 it was licence and permit-raj; now its permission-raj. Post-’91, there were relaxations in several rules. But today we need further relaxations. As a country, we have evolved in so many sectors like agriculture and IT. We are one of the largest producers of raw leather and textile goods in the world. But today, the manufacturing sector is
crippled in these areas to.
Still, we continue to be the second fastest growing economy after China even after this mess. Our speed has been daunted by many things like lack of confidence, accountability of those who are not performing, and, yes, the burdens of indecision.
There is a huge recession in the market. What can be done to correct the situation?
We have the biggest youth population but we don’t have enough research institutes to provide quality education. Our youth are creative and intelligent but frustrated due to the recession. If the the services and IT sectors do well, we can create more employment. We have two options — to develop quality research institutes or to upgrade ourselves technologically by the quick transfer of technology from the world market.
In the context of the coming elections, what kind of government are you hoping for?
What we are lacking right now is collective performance. We need doers and a strong leader. The government, which can change the atmosphere of mistrust among investors, can provide employment and a good quality life for society.
As the MD of such a large group, what is your vision for the future?
We are in a comfortable position. We serve 80 per cent people who are suffering the wrath of the economy. There is public participation in our projects and we are creating employment. We have future growth plans in the housing and infrastructure sectors and services, educational & medical tourism infrastructure as well. Our efforts in these areas have paid us dividends.
Next Story
