Kiran Mazumdar Shaw, chairman and managing director at Biocon, was not surprised Mamata was “playing the poverty card” again.
“Mamata Banerjee has held the government to ransom for far too long... I don’t think her sense of economic development is really about what the rest of the country wants,” Shaw said.
“She has taken a stand, the government was half expecting it — maybe not to this extent. But so be it… This is the time when India is in a dire economic crisis and there is no option other than to take certain hard decisions.
“The fear of FDI in retail can be answered by the same fear that was expressed when McDonalds and other chains were allowed.”
Anand Mahindra, chairman of Mahindra & Mahindra, asked the government not to give in to the demands of the Bengal chief minister. The reforms process must be carried forward, he said.
“Again, we urge the government to stand its ground. Right-thinking Indians will be less than amused by partisan politics in a fragile economy.”
R.V. Kanoria¸ Ficci president, said political parties needed to understand the importance of economic reforms for the growth of the country.
“The country needs reforms; it needs to grow as it has potential, talent and entrepreneurial skills. I will urge those who are not supporting the reforms to think carefully,” he said.
“We have been appealing continuously that it is important to set aside political differences in the greater interest of the country and we have said that we must work towards building consensus.”
D.S. Rawat, secretary-general of Assocham, said: “Subsidised price of an essential fuel could not be borne by the government for all times to come.
“The fiscal situation has deteriorated and the rising fuel subsidy burden is one of the major causes for that. Unless some corrective measures were taken, the long-term impact of such policies could be massive. It is good the government has taken a decision to stand firm on the reform measures.”