A summary analysis of what ails the Indian economy recently came from N. Chandrasekaran, the chairman of Tata Sons Ltd.
The languishing Indian economy, whose growth rate is at a six year low, with no uptick in sight, despite a series of revival measures initiated by the government, is now a matter of deep concern for the Modi government too. But what is even more disturbing is that this slowdown has defied a clear diagnosis and thus the slew of recent measures initiated by the government to revive the economy, have failed to deliver the desired/promised results. A summary analysis of what ails the Indian economy recently came from N. Chandrasekaran, the chairman of Tata Sons Ltd. While delivering the Nani Palkhiwala memorial lecture, he said that the Indian economy is fraught with micromanagement and suspicion and that upping the growth trajectory requires removing the obstacles that impede business. He said that we need supervision and not suspicion and that all we have is suspicion. All our rules start from suspicion. He said that we need to move away from a controlled vision of micromanagement. Mr. Chandrasekaran further said that growth cannot come by merely pushing people to move fast and that it requires a transformation vision. He said that there is a massive risk aversion in the system and that achieving growth inherently involves risk taking.