Godrej Group Chairman Adi Godrej said today that decision-making has been slow for various reasons.
However, he said keeping the national interest in mind, the reform agenda has to be taken forward.
Declining to comment on leadership issues, he said that the political process is not delivering economic results.
Addressing the media, Godrej, who is also CII President, said, “To create growth momentum, we need to focus on fiscal consolidation by cutting down on fuel subsidy and focusing on disinvestment.”
On market conditions, he said that the conditions are not as bad.
“Market is only 15 per cent below the peak at a time when there is acute slowdown the world over. So the Government should consider disinvestment and delaying the process can be infructuous.”
Interest subvention scheme
While speaking on the stressed state of exports, he supported the extension of interest subvention scheme to key sectors like engineering, automobiles and chemicals and creating Export Development Fund to support small enterprises exporters.
To bolster consumption, he said that the Government could consider fast-tracking the implementation of the Bharat Nirman programme and implementation of the second phase of JNNURM, which would provide an impetus to investment and consumption demand.
Coal blocks allocation
On allocation of captive coal blocks, he said, “The law should take its own course and no precipitate action should be taken. The coal blocks, which were allocated as per due process, should not be cancelled. And any coal block allocation where it is established that due process has not been followed, should be reviewed and, appropriate action taken in accordance with law.”