October 14, 2002
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Money > Special October 14, 2002 |
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India Inc votes for Rao, Vajpayee a distant secondBS Corporate Bureau in New Delhi India Inc has rated the first three years of the P V Narasimha Rao government as the most fruitful for industry as compared to the first three years of the Rajiv Gandhi and Atal Bihari Vajpayee regimes. Of the 50 corporate executives surveyed by Business Standard, 54 per cent cast their vote in Narasimha Rao's favour, as compared to 36 per cent for Vajpayee and 10 per cent for Rajiv Gandhi. Also, Manmohan Singh, Narasimha Rao's finance minister for five years, was rated as the best among the finance ministers in the three regimes. Almost all the chief executive officers covered in the poll give credit to the Narasimha Rao government for rolling out the country's liberalisation process. It was only because of Rao's opening up of the economy that Indian businessmen were exposed to global competition which brought home the urgency to improve efficiencies in all spheres of corporate activity, they admitted. "The Narasimha Rao government broke the stalemate and started with reforms for the first time. It needs a lot of courage and, hence, that government was the best," said a Delhi-based construction magnate. Added Arun Bharat Ram, vice-chairman and senior managing director, SRF Ltd: "Rao deserves credit for supporting Manmohan Singh whole-heartedly. He was a bold prime minister who managed to push reforms very well." So far as the Vajpayee government is concerned, most CEOs are of the view that though the government has pursued privatisation and the foreign direct investment agenda with gusto, it has got bogged down with bickerings between its ministers. "For every step forward, it has had to take two steps backward," said Ballarpur Industries Ltd vice-chairman and managing director Gautam Thapar. Added Rajeev Karwal, president of Consumer Electronics and Television Manufacturers Association: "Vajpayee's government has worked in fits and starts. Every time a good decision was to be taken, it has messed it up and, at the end, the prime minister has had to intervene." "Though one feels a great amount of commitment to liberalistion from the Vajpayee government, one perceives the government can come under pressure from the Vishwa Hindu Parishad, the Rashtriya Swayamsevak Sangh and its allies to hold back on certain bold steps needed for the growth of the economy. Divestment is one of the best examples of this," said Adobe India managing director Naresh Chand Gupta. "Vajpayee himself has a clean image unlike the other two Prime Ministers, and this will help him tide over any crisis within and outside the government," added Videocon group chairman V N Dhoot. A handful of CEOs picked Rajiv Gandhi as the best of the three. According to B M Vyas, managing director, Gujarat Co-operative Milk Marketing Federation: "Rajiv Gandhi was the hope behind the reform process. The other governments lacked entrepreneurship. His agenda was, however, pointed and clear." Said hotelier Lalit Suri: "Rajiv Gandhi's government was the best because it started the thinking on reforms and had the vision and initiative to take it to the logical end but he didn't get enough time." Sandeep Jajodia, managing director of Monnet Ispat Ltd, said the Rajiv Gandhi and Vajpayee governments had been the better performers in the lot and could be rated on a par with each other. "Liberalisation is in top gear at present, though the process was initiated by the late Rajiv Gandhi. He had a vision for the future. Full credit has to be given to Gandhi for it was he who actually took the initiative to break away from conventional rules and go a few steps forward. The mood was set by him," he said. ALSO READ:
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