New Delhi: For the first time after the economic liberalization, which was started during the Narsimha Rao regime, the relation between Central Government and private sector has taken a rough patch in the current fiscal. India Inc has overtly expressed their displeasure over poor and shortsighted policy and lackadaisical approach of the Centre towards economic reforms.

In an exclusive talk with Dainik Jagran, the General Secretary of FICCI, Rajiv Kumar said, “In order to overcome the ongoing phase of economic slowdown, the government and corporate world need to establish co-ordination. Ironically, both of them have lost their mutual trust.”

“Centre needs to realize that it should not work with the same mindset that was used in 80’s. Presently, the private sector has 70 percent participation in the economy. It seems government is not willing to lose its control over industrial sector. The government should change its stand and take requisite steps to boost the growth,” said Kumar.

Volvo Bus India Private Limited believes that economic growth has come to a halt. MD and CEO of the company Akash Paisi said, “Issues like direct tax code and general service tax are hanging in balance. It is important that government should take concrete steps to overcome these issues.”

Taking a dig at the Centre for its murky policy, HDFC Bank chief Deepak Parekh said that if the current economic condition persists for long, the growth rate would plunge below seven percent.

Even, FICCI chairman has expressed deep concern over the economy and has warmed that the growth rate might constrict to only 6.5 percent.

JPN/Bureau