India has lost confidence of the world: Ratan Tata

Posted By: Religare
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India has lost confidence of the world: Ratan Tata
India has lost the confidence of the world and the government has been slow to recognise it, said Ratan Tata on the current economic mess India finds itself in.

According to the media reports, Ratan Tata said that the government has "swayed" under the influence of vested interests in private sector and policies have been "changed, delayed and manipulated".

"We have lost the confidence of the world. We have been slow to recognise that in the government," he told a news channel while responding to a query on PM's silence on investors losing confidence. He further said it would be good for the country if policies were implemented as they were written. "The government has issued policy which vested interests, quite often in private sector have changed, delayed or manipulated that policy. So, for one reason or the other, the government has swayed with those forces," Tata said.

Recollecting the 1991 reforms, when "the brave moves were made", he said "it's the same team. What has happened in my view is that there have been forces...too many competing interests. By and large whatever is happening should be looked at to the benefit of the people of India not to few vested interest in India".

While stressing that his respect for the leadership of Singh continued to be "very high", he, however, said there is a lack of leadership in the country to lead from the front.

"We don't have leadership that we have been talking about, that is leading from the front," Tata said. He further said the government is being pulled in different directions, even from within it.

"We should have one view...the team has been pulling in different directions, allies are pulling in different directions...states are pulling in one direction. We are not consolidating ourselves in the government," Tata said.

Dion Global Solutions Ltd.

Read more about: economic crisis, 19991 reforms
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