Economic plumbing by govt has enthused industry: Kumar Mangalam Birla

Tribune News Service

New Delhi, February 27

Noted industrialist Kumar Mangalam Birla today said there was a conspicuous sense of excitement in the Indian industry over the economic plumbing undertaken by the government to push economic reforms to a higher-growth trajectory.

“I think of 2021 as the new 1991 in terms of impact of reforms. Since 1991, reforms were incremental but the recent months have been a departure with the consolidation of labour laws, new farm sector laws and a clear-cut framework on privatisation. This showed palpable conviction and boldness from the government which is unprecedented.”

Birla was having a virtual fireside chat with veteran diplomat Gautam Bambawale on the second day of the virtual Asia Economic Dialogue helmed by the MEA and Pune International Centre. Enthused by the economic headwind, his $50 billion Aditya Birla Group was investing $ 2.8 billion (Rs 280 cr) in capital expenditure and there were suggestions that other parts of the industry will also do so. “We are now moving very quickly from resilience to renewal. I see a lot of buoyancy & business optimism. I think we are coming out of the pandemic definitely looking stronger,” he added.

In an earlier session on the WTO involving subject specialists, Permanent Representative of Jamaica at the WTO Cheryl Spencer said developing countries were disproportionately affected. “The WTO’s agenda must be open to the issues of such countries and the processes need to be fair and flexible. For this, a transparent and balanced dialogue is necessary,” Spencer said.

PR of the EU at WTO João Aguiar Machado felt the trade policy could play a role in boosting economy and agreed with Spencer that the world had to address the damage in granular and targeted ways. Continuation of differential treatment for developing countries at the WTO was also sought by South African PR at the WTO Xolelwa Mlumbi-Peter who cautioned WTO’s future depended on its response to the pandemic.