Industry captains have told the government to speed up implementation of infrastructure projects across ports, roads, and power sectors, to signal the government’s commitment to growth objectives and boost sagging investor confidence.
Prime Minister Manmohan Singh on Thursday met top industry leaders including Reliance Industries chairman Mukesh Ambani, Tata group chairman Ratan Tata as part of an exercise in stock-taking.
The meeting of the Prime Minister’s 23-member council on trade and industry was held at a time when the UPA government is battling charges of policy paralysis and is facing criticism for a series of scandals and concerns among investors that the government will not push through in key areas such as pension sector, retail trade and corporate governance.
“The focus of the discussion was that the government should give a real push to stalled projects that will lift broader economic growth,” said an industry captain who attended the meeting on the condition of anonymity. “Investor confidence can come back only when there is perceptible movement in project implementation.” The Indian economy is projected to grow at 7.5% this year down from the earlier estimate of 9%.