If the freshly-announced economic reforms don't go through this time, the consequences could be disastrous for India, both at home and abroad, the Federation of Indian Chambers of Commerce and Industry (FICCI) has said.
"If it (reforms) is reversed it's going to be disastrous for this country," said RV Kanoria, president, FICCI, on the sidelines of the Indian-US energy summit.
At the same time Kanoria also said he was never more confident than now of the government sticking it out. "In my view there is a seriousness to the process."
Kanoria also said there are some unfounded fears about FDI in multi-brand retail. "It's not just about Wal-Mart. It's about helping businesses all along the chain."