Bengaluru: Speaking exclusively with ETV Bharat T.V. Mohandas Pai said the morale of the Indian industry is very low and appealed to Prime Minister Narendra Modi that he should talk to the industry to assure he is there to support them.
Elaborating on the current state of the economy, the former Infosys Director said the slowdown started with the IL&FS crisis October last year. He strongly opined the crisis in the major NBFC created a liquidity crunch in the market.
He further said troubles started in auto and real estate sectors in October-December during which much action was not taken by the government as the finance minister was sick.
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On one hand lauding efforts of the NDA-1 government, including the Demonetisation, Goods and Services Tax (GST) and the RERA Act for the real estate sector, and their benefits to the economy, Mohandas Pai appealed to the government that India Inc. needed a period of healing to adjust to these shocks and the Prime Minister should step in to tell the industry the government is here to support.
Watch the complete video to know Mohandas Pai’s thoughts on the current state of the economy and policy prescription for growth revival.
