The Hindu Business Line : India Inc sees short-term setbacks

Mumbai, Nov. 27 The timing could not have been worse. India Inc is already coping with the fallout of the global slowdown in terms of plant shutdowns and layoffs. The terror attack in Mumbai was the proverbial last straw on the camel’s back.

While industry captains were unanimous in condemning the attacks, it was equally clear that corporate India was at the end of its tether.

Nobody possibly realises this better than Mr Ratan Tata, Chairman of the Tata group, whose prized jewel, the Taj hotel, was ravaged over the last two days. Horrific images of this famous landmark afire will linger for years to come.

In a press statement issued here on Thursday, Mr Tata said, "We cannot replace the lives that have been lost, and we will never forget the terrifying events of last night, but we must stand together, shoulder-to-shoulder as citizens of India, and rebuild what has been destroyed.”

Recalls AI blasts

The Vice-Chairman and Managing Director, Mahindra & Mahindra, Mr Anand Mahindra, told Business Line that whenever such acts of terrorism occurred, his memory went back to the Mumbai blasts of the early 1990s. “At that time, I was in the Musco (Mahindra Ugine Steel Company) office which was next to Air India, the centre of the devastation. I remember feeling completely despondent .”

Things bounced back in no time and it only reinforces Mr Mahindra’s belief that the country has tremendous strength to stage a comeback. “I am not trying to suggest that we can forever count on resilience and the ability to bounce back. We dramatically need to improve our capacity to prevent such occurrences and must get the right skills and equipment, especially for surveillance,” he said.

‘Weak governance’

Mr Rahul Bajaj, Chairman, Bajaj Auto, said the attacks would impact India’s stature as an investment destination. “What has happened is shocking and unbelievable. Such incidents have been occurring in India for sometime. As far as I am concerned, the Government is just not doing enough and all this reflects weak governance,” he said.

None of the MNC representatives was willing to go on record; it was clear they were apprehensive that the country was becoming a soft target.

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