Politics is hurting business, says Sunil Mittal | business | Hindustan Times
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Politics is hurting business, says Sunil Mittal

business Updated: Jan 08, 2012 21:47 IST
HT Correspondent
HT Correspondent
Hindustan Times
foreign direct investment

In a fresh instance of corporate criticism that brinksmanship is coming in the way of growth-oriented policies, business leader Sunil Mittal has said politics is hurting rather than helping the economy.

"It is very evident that politics is hurting the economy and the country. It is restricting good work being done," the chairman and Group CEO of Bharti Enterprises told NDTV Profit in remarks after winning the channel's "corporate conscience" leadership award.

The government's decision to put on hold its decision to allow foreign direct investment (FDI) in multi-brand retail was one that seemed to symbolise his grouse in mounting corporate criticism of "policy paralysis" in the UPA government.

"Yes, I think most of my industry peers would be very disappointed here," he said in response to a question on FDI. "Everybody would like to see a forward movement and specially when the government has some bold decisions. "

'We expect all stakeholders including the opposition to rise above politics and support some of the government moves," he said adding, "I don't think we've ever seen such cantankerous relations between opposition and government (since Independence)."

Referring to a recent meeting Prime Minister Manmohan Singh had with industry leaders, where Singh grumbled about coroporate criticism, Mittal said: "The fact is, that the industry will write to the government from time to time, industry will voice its concerns,… industry leaders have a duty to tell the government, both good and bad things."

"I think generally, the mood is still not very buoyant. There is a bit of despondancy around the business circles," he said in comments on the overall economic climate.