In this fourth segment of Narendra Modi’s interview to Swarajya, he talks about what he told India Inc at a recent meeting, his attitude to privatisation and the failure of the Air India sale offer, and why he has not been slow in recognising the problem with public sector banks. (Read the previous part here)
Swarajya: You recently met leaders of India Inc to discuss their issues. What did you tell them and what did they tell you? Did they have grievances over GST, the insolvency process, etc?
Modi: The meeting with captains of industry was extensive. The Government of India made a presentation. We had a frank discussion on aspects relating to the Indian economy and the road ahead. Several constructive suggestions emerged from the discussions.
The issues we discussed revolved around how the corporate sector can further contribute to India’s growth. Take for example the agriculture sector. I have said it in another question during this interview that corporate involvement in agriculture is low in India. I feel this is an area where lots should change.
We deliberated on the need for more Indian enterprises to get involved in the defence sector. The Government of India has undertaken so many reforms in this sector, including scope for more FDI, less bottlenecks, etc, so the corporate world should now rise to the occasion and invest. So many years after Independence why can’t India have enhanced capabilities in defence manufacturing?
Business leaders said that what we are doing (reforms like GST and bank loan resolution through bankruptcy courts) is removing the bad elements in business and that is good for business.