Golden Words from Rahul Bajaj (Chairman BAJAJ) to his shareholders on how bad governance of government of india in last few years...... "Unfortunately, the hard truth is that despite growing at over 9% for three successive years under the first Congress-led United Progressive Alliance government, we failed to create the necessary infrastructure and investments to maintain healthy growth in difficult times. Instead of focusing on highways, power, rail, ports and IT networks that are critical for sustained growth, we steadily raised the nation’s fiscal deficit to finance consumption-based subsidies and hand-outs; this in turn caused inflationary pressures; which led to the RBI imposing high interest rates and a tight monetary regime. Added to these were long bouts of inaction and uncertainty in governance, leading to a crisis in the power sector, lack of inter-ministerial clearances of key projects and an unfortunate reversal of a Supreme Court verdict through retrospective tax amendments"
Posted on: Wed, 07 Aug 2013 14:25:23 +0000
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