India Economy

What They Said

| Updated on September 15, 2012 Published on September 15, 2012

Kapil Sibal, Minister for IT and Communications

Sharad Pawar, Agriculture Minister

German Ambassador to India, Michael Steiner

R.V. Kanoria, President, FICCI

“A substantial time is required to develop a mine and a power plant. What will happen if we cancel licences now? Should industry and factory wait till new coal blocks are allotted and power generated?... And despite all this we are accused of being corrupt. I charge the Opposition of destroying the country because they want to come to power.”

Human Resources Development Minister Kapil Sibal

“We are against a switch-on, switch-off policy on exports. The current export policy will continue and I don’t see any problem… Production is unlikely to be at last year’s level, but we have enough stocks of rice, wheat and sugar.”

Agriculture Minister Sharad Pawar

“India is fundamentally a power house. But going it alone is not an option in the globalised world, however strong your economy might become. India also needs a strong and solid Europe, as Europe is India’s largest trading partner. Do not underestimate Europe. Its fundamentals are pretty strong. Indian economic growth depends a lot on foreign investment and international trade. EU-India Free Trade Agreement in good time, which means relatively quickly, could be an extremely important signal to the markets that India is open to the world.”

German Ambassador to India Michael Steiner

“The act and conduct of the cement companies establish that they are a cartel. The Commission holds that the cement companies acting together have limited, controlled and also attempted to control the production and price in the market in India.”

Competition Commission of India

We estimate about 35-40 per cent of the SBI’s staff or about 70-80,000 people will be retiring in the next five years across all levels… Of the newly recruited people, at least about 10-15 per cent leaves in any case. That has been the experience in the last couple of years.”

SBI Managing Director and Group Executive (National Banking) A. Krishna Kumar

“It is important to break the norm and meet the unmet demands of society.”

Shasun Pharmaceuticals Managing Director S Abhaya Kumar

“There is no slowdown in the steel sector currently.”

SAIL Chairman C. S. Verma

“The positive 0.1 per cent growth in IIP is insignificant since both the capital and intermediate goods category are in negative territory. The negative growth in capital goods will have lag effect implying that industrial growth will remain subdued in coming months... We are still waiting for bold announcements on reforms in areas like decontrolling diesel price, reducing fiscal deficit to create an atmosphere which will encourage investments.’’

FICCI President R. V. Kanoria

“Our basic trouble is the various problems plaguing the power sector. Our investments are connected to the power sector. Clearances and also coal linkages continue to be a problem.”

BHEL Chairman and Managing Director B. Prasada Rao

Published on September 15, 2012
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