Industry leaders, including Anand Mahindra and Kiran Mazumdar Shaw, have asked the government not to give in to the demands of Trinamool Congress chief Mamata Banerjee and carry forward the reforms process.
Biocon Chairperson and Managing Director Shaw termed Trinamool Congress chief Mamata Banerjee as "maverick politician" stating her vote bank politics is not in sync with economic growth.
"Mamta Didi is a maverick politician who depends on a vote bank of poor people. Her economic agenda is not aligned with strong economic growth," Shaw tweeted.
Supporting the government's decision to relax retail FDI norms, Shaw added: "The fear of FDI retail can be answered by the same fear that was expressed when McDonalds n (sic) other chains were allowed."
Mahindra & Mahindra Chairman Anand Mahindra also asked the government not to give in to the demands of the West Bengal Chief Minister and instead reforms process must be carried forward.
Backing the UPA government on reforms, Mahindra tweeted: "Again, we urge the Govt (sic) to stand its ground. Right-thinking Indians will be less than amused by partisan politics in a fragile economy."
Ficci President R V Kanoria also said it was important for political parties to understand the importance of economic reforms for the growth of the country.
"The country needs reforms, it needs to grow, it has potential, talent and entrepreneurial skills. I will urge those who are not supporting the reforms to think carefully," he said.
Kanoria further said political differences must be set aside in the greater interest of the country.
On TMC's decision to withdraw support to the UPA government, Ficci Secretary General Rajiv Kumar said, "She (Mamata) is a senior leader. Therefore, she will make up her own mind on the need for reforms."
But FICCI has maintained that this is the time for all of us to come together and push reforms agenda forward to pull the economy back from brink of the crisis, he added.
CII said implementing FDI in multi-brand retail and liberalising other sectors is an extremely critical step for the country's economic growth.
"These reforms must stay on course and any derailment at this stage would send wrong signals to the overseas and Indian industry," CII Director General Chandrajit Banerjee said.
Sharing similar views, Assocham said the announced reforms were vitally needed at this point in time.
The chamber said though measures like upward revision of diesel prices or restriction on number of LPG cylinders at subsidised rates can put pressure on household budgets, the decisions of the government were out of necessity.
The fiscal situation has deteriorated and the rising fuel subsidy burden is one of the major causes for that, Assocham Secretary General D S Rawat said.
"Unless some corrective measures were taken, the long-term impact of such policies could be massive. It is good that the government has taken a decision to stand firm on the reform measures," he added.
Earlier in the day, Congress asked its governments in states to raise the number of subsidised cylinders from the proposed six to nine for each household in a year.
The step comes after the Trinamool Congress decided to withdraw support to the UPA government against allowing FDI in multi-brand retail and limiting subsidised LPG supply to six cylinders per year, besides the diesel price hike.
Don't Give in to Mamata's Demands: India Inc to Govt
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