Tatas' pull-out could not have come at a worse time : Pillai
The Tatas' pull-out from Singur for its prestigious Nano car project could not have come at a "worse time", Commerce Secretary GK Pillai said.delhi Updated: Oct 03, 2008 21:14 IST
The Tatas' pull-out from Singur for its prestigious Nano car project could not have come at a "worse time", as India was preparing to face the fall-out of the global financial crisis on the emerging economies, Commerce Secretary GK Pillai said on Friday.
"It is an unfortunate development. It could not have come at a worse time," Pillai said, adding the country was faced with a challenge of coping with the financial turmoil in the world markets.
The Commerce Secretary said as a direct consequence, investment in West Bengal would drop by 30 per cent.
However, he said, the Tatas' pull-out of the state should be seen as an isolated case.
Pillai expressed hope that the Standing Committee of Parliament would soon finalise its recommendations on the new Land Acquisition Bill and the Rehabilitation and Resettlement Bill.
"Once these bills are passed, the issue of compensation should become clear," Pillai said.