India Inc unhappy with status quo

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10
SUNDAY HINDUSTAN TIMES, MUMBAI
FEBRUARY 16, 2014
htgovernancesurvey
PART IV: CEOs
India Inc unhappy with status quo
DISMAL Govt’s poor industrial policies make CEOs doubt an
economic revival and a healthy business environment anytime soon
HT-MaRS SURVEY
Swati Kundra
HOW EFFICIENT ARE:
■
[email protected]
NEW DELHI: Consistent economic slowdown, coupled with governance crisis, has
not only shaken the business confidence
in the country, but has given industry leaders enough reasons to label the UPA-II
leadership as ‘inefficient’ and ‘corrupt’,
with more than half of those surveyed
supporting the fact, according to the
fourth part of the HT-MaRS Governance
survey. Civil society, bureaucracy and
judiciary and the business society, on the
other hand, have comparatively fared well
in the survey results.
Citing reasons for its poor performance, ex-Infosys board member, V
Balakrishnan said, “In major sectors
such as coal and power, government has
not undertaken any major reforms in
its tenure. Under such circumstances,
growth will automatically go down. The
corrupt policies (of the government) have
had a bad impact.”
The other factors which, as per the
survey findings, affect corporate India
are the government’s inability to appropriately reflect industry preferences in
policy-making, facilitate discussion with
industry vis-à-vis major shifts in industrial policy and take tough decisions that
may fail in popularity but help industry
grow. To some extent, government is
also blamed for its discriminatory business practices, with many believing that
economic regulations are applied in an
ad-hoc manner. About a fifth of CEOs
believe that special treatment is given
to cronies of those in power.
“Industry needs the government
as much as the government needs the
industry, but we are far from reaching
equilibrium on this aspect,” said a CEO,
who did not wish to be named.
So, amidst the crisis, those who wish for
regime change, expect what from the new
government? “Confidence in the economy
is of utmost importance. Involvement of
both public and private sectors can help
achieve this goal. Implementation of tax
reforms--goods and services tax (GST) and
direct tax code (DTC) -- is crucial too,” said
Balakrishnan, who joined Aam Aadmi
party in January this year.
Will the replication of the Gujarat
development model in
the rest of the country be an answer?
“Simplified laws, effective
governance and transparency
in the system- as long as these
three elements are not in
place, no model can be
development friendly,”
he further added.
REPORT CARD SAYS IT ALL
Do governments facilitate
discussion with Indian
industry on major shifts
in industrial policy?
Do industry preferences
get reﬂected in the
policy-making process ?
79.5
7.7
82.1
12.8
Does the government
allow businessmen
to break rules and get
away with it?
10.3
7.7
Is there consultation
on policy between
public and private sector
actors?
33.3
46.2
12.8
CORRUPT
Business Society
Political
Executive
Judiciary
Judiciary
Bureaucracy
Civil Society
94.9
89.8
84.6
IN %
92.4
66.7
59
41
30.8
Illustration: JAYANTO
To a small
extent
20.5
To a large
extent
7.7
Economic regulations
are applied
10.3
Equally to ﬁrms
23.1
The economic regulations are applied
equally to ﬁrms in
the country with
some exceptions
43.6
The economic regulations are applied
mainly in an ad-hoc
manner
20.5
Special treatment
is given to cronies
to those in power
46.2
5.1
Civil Society
79.5
74.4
10.3
HONEST
IN %
92.3
Does the government take
the rules of global trade &
ﬁnance into account when
formulating policy?
76.9
53.8
HOW CORRUPT ARE:
Bureaucracy
Business Society
53.8
12.8
15.4
INEFFICIENT
Political
Executive
Do the Indian businessmen respect the rules of
to conduct business?
71.8
Is obtaining a business
license associated with
corruption?
59
7.7
Are the government’s
decision-making
processes clear and
transparent?
EFFICIENT
Not at all
With an array of compalints, business community rates the leadership on its
dwindling performance; gauges its own
CEOs feel political class is the most inefficient vis-a-vis the judiciary, bureaucrats, civil society and the business community
2.6
20.5
10.3
15.4
5.2
7.7
33.3
41
HT GRAPHICS
59
No OPINION
moreonweb
69.2
To see complete survey results, log
onto www.hindustantimes.com/htgs
METHODOLOGY: Top executives at over 50 companies participated in the survey, which was conducted by research agency MaRS between December 20, 2013 to January 10, 2014
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