Bangalore, Apr 27: The government lacks political will to take hard decisions and is “hiding behind coalition politics”, Chairman and Managing Director of biotechnology major Biocon, Kiran Mazumdar-Shaw said here today.
“I think the Government has to wake up and the Government cannot keep hiding behind coalition politics”, she told reporters in response to questions.
Asked to comment on general business sentiment in India, Mazumdar-Shaw said there is a lot of negative sentiments being expressed from outside the country, noting S&P (Standard & Poor's) lowering India outlook to negative and Macquaire shutting down India fund.
With high fiscal deficits and oil prices, “there is a serious concern whether our economy is really stable”, she said.
There is a perception about lack of policy reforms in India. “There is no great, strong signals coming from the Government that we want to really drive growth and attract investment. That's really a concern”, Mazumdar-Shaw said.
“The greater concern that we have in the industry is that there is no investment in infrastructure”, she said.
Mazumdar-Shaw also said that regulatory environment in India is very, very hostile, including in the biotechnology sector which is not getting approval in time. Regulatory environment in India in general is mired with a lot of issues and there are no clear signals on this front.
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