The Bengal Chamber of Commerce and Industries (BCC&I) recently organised a dialogue session between corporate and political leaders on the current state of the Indian economy. The session aimed to get them to converge on the issue of the present economic scenario and collectively work towards reviving the growth of the economy.
The event was held in the Convergence Centre, India Power Corporation Limited and was attended by Hemant Kanoria, Chairman Srei Infrastructure Finance Limited, Manish Gupta, former Minister of Power, Government of West Bengal, eminent journalist Swati Bhattacharjee and actress Raima Sen.
The session took note of the environment of uncertainty that is prevailing in India. Every business failure is now being equated with fraud. The views that came forth in this event resonated the view that is gaining prominence in corporate circles that, if this situation of fear and mistrust continues, it will eventually destroy the Indian entrepreneurial spirit. Entrepreneurship entails undertaking risks and for every successful entrepreneurial attempt, there are equal integers of failed efforts. The leaders present in the event agreed that there should be an atmosphere that encourages entrepreneurial spirit. However, the business atmosphere in India is getting increasingly intolerant towards business failures.
The session took cognizance of the slowdown in the financial sector. The financial services and the banking sector are experiencing an increase in non-performing assets (NPAs). As a result, bankers have become cautious lenders stagnating the economic growth of the country. The industry and political leaders present in the event stated that many of the top performing Indian companies have simply ceased to exist in the last few years due to the economic slowdown. They concluded that the political and corporate leadership in India should work together to resolve this crisis and restoration of faith needs to be the starting point. They also pointed out that traditional fiscal measures may not be sufficient and hence, it is imperative that the political and corporate leadership work in tandem.