Corporate India saddened by Manmohan's defeat
(Thursday, October 7, 1999)
Our Corporate Bureau in Mumbai-BS
Corporate India has reacted with sadness to the defeat of former finance minister and the architect of India's reform programme, Manmohan Singh. Industry however feels that the verdict is in no way a vote against reforms. Many lament that a man of integrity has lost at the hustings.
"The defeat is quite a setback to honest, upright and competent people and not a good signal. Morally and ethically, his defeat is a great loss. It is not just the industry but the country that should be disappointed", says Habil Khorakiwala, CMD, Wockhardt.
Echoes Jimmy Sarbh, regional director, P&O Australia Ports,"He is a very honest man. Time and again it has been proved that honest people don't seem to do well politically. It is India's loss.
Ashwin Dani, vice chairman and managing director Asian Paints has termed Singh's loss as unfortunate. "It is unfortunate that a capable person like him should lose out," he said.
"Looking at the person, one is sad," said Homi Khusrokhan, managing director, Glaxo India.
Others point out that Singh's defeat was not unexpected. "He is a great bureaucrat but lacked political skills," said the CEO of a leading company. point out the silver lining in the defeat. Anil Singhvi director and chief financial officer of cement major Gujarat Ambuja, says that Singh's defeat proves that a good economist cannot become a good politician.
Ashok Jain, managing director of Schweppes points out the silver lining. He believes that the loss of Manmohan Singh speaks well for BJP. "It just indicates that the BJP is as reformist as Manmohan Singh," he said.
V N Dhoot added that the vote against Singh is not a vote against liberalisation as the BJP has more or less the same economic programme. He feels that Singh's loss merely mirrors the larger verdict against Copngress.
Ranjit Shahani, CEO (PHARMA) Novartis adds, "It is clearly not a vote against liberalisation, maybe it was a vote against the party he belonged to. The BJP should continue to take advise from him." |
