Don’t single out PM for economic woes: Ratan Tata

NEW DELHI: Tata Group chairman Ratan Tata has come out in strong defence of Prime Minister Manmohan Singh, saying the architect of 1991 reforms should not be singled out for the country’s current economic woes. Tata said the attack on the Prime Minister for high inflation, slower economic growth and low investors’ confidence was “grossly misdirected”.

“Attacks on the architect of 1991 reforms which brought us prosperity are sad and unfortunate. It’s wrong to single out the PM for inflation, low investment confidence and slow growth,” Tata said on social networking site twitter. Tata said Singh “deserves the support of the people at this critical time” and praised the 79-year-old as a “warm-hearted Prime Minister (who) has led our country with great personal dignity and integrity”. At the same time he urged the Prime Minister to work decisively to restore government credibility and place the country back on the high growth path.

“Now is the moment in time when our PM must break convention, restore government credibility, place the country on a growth path once again by implementing promised reforms, removing roadblocks to growth and controlling crony capitalism,” he said.

Singh has been facing a barrage of criticism from inside and outside the country for not doing enough to push forward the promised reforms. The US-based Time magazine recently ran a cover story terming Manmohan Singh an “under achiever”. The UK-based daily The Independent said the Prime Minister appeared to have no influence over his own cabinet.

Top industrialists like Wipro chairman Azim Premji and co-founder and chairman emeritus of Infosys Narayana Murthy have criticised the Prime Minister for the current economic woes.

India’s economic growth fell to a nine-year-low of 5.3% in the quarter ended March 31, 2012. Inflation has remained stubbornly high for the last three years. According to the official data released early this week, inflation was recorded at 7.25%.

Courtesy: http://www.timesofindia.com

Read more: http://timesofindia.indiatimes.com/business/india-business/Dont-single-out-PM-for-economic-woes-Ratan-Tata/articleshow/15048448.cms

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