India Inc gives thumbs up to Rahul Gandhi's views on spurring growth

Welcoming Congress vice president Rahul Gandhi's views on the urgency to focus on growth and transparency, India Inc has said he has touched the real issues being faced by the industry and it would encourage investor sentiment.

"His talk is comprehensive and touches real issues, which industry has been trying to grapple with in recent times. Gandhi's talk is reflective of the fact that he has his ears to the ground...even as the economy has slowed down and investor confidence is not at its peak," Confederation of Indian Industry (CII) President Kris Gopalakrishnan said in a statement.

Interacting with business leaders and responding to their concerns on Saturday, the Congress vice president talked about the problems of inflation, delay in clearances, accountability and transparency while underlining the need for pushing the growth to alleviate poverty and making the country the largest economy by the time it turns 100-years old.

Terming Mr Gandhi's interaction with the industry as very positive, Bharti Enterprises vice chairman and MD Rajan Bharti Mittal said, "It was heartening to hear his comments on the urgency to focus on growth and transparency, the issues that are key to bringing back the economy to its earlier growth rate."

At a time, when questions have been raised about India's commitment to reforms and growth, Mr Gandhi's comments are music to the ears of investors, who would draw confidence from his speech, Mr Gopalakrishnan said.

Godrej Industries chairman Adi Godrej said the stress on resolving regulation and administrative procedures in Mr Gandhi's speech would greatly encourage investor sentiments and boost investments.

"As he mentioned, decision-making requires to be transparent, timely and fair, while the initiatives on corruption have to be followed up with action," Mr Godrej said.

It was for the first time that a political leader of Mr Gandhi's stature mentioned the need for a modern and flexible labour market of international standards, Sundaram-Clayton managing director Venu Srinivasan said.

"Industry would welcome a dialogue on how to create fulfilling and rewarding jobs for our young people, as stated by Mr Gandhi," Mr Srinivasan said.

Old labour laws have forced businesses to use contract labour, Mr Gandhi said in his speech on Saturday.

"As you know, they are often underpaid and unprotected. India needs a modern and flexible labour market where labour has a fair share and is protected by international labour standards," Mr Gandhi said.

The industry would now look forward to quick actions from the government, Hero MotoCorp joint managing director Sunil Kant Munjal said.

"Rahul Gandhi has clearly identified the immediate problems regarding project delays and highlighted the issues that must be addressed, such as land acquisition, regulatory and administrative hurdles, and environmental clearances," Mr Munjal said.