The current round of Coal-block allocations have got off to a highly encouraging start. This signals not just access of steady coal reserves to industries, but is also ensuring that fair valuation of the natural resource is realized by the exchequer. This is also putting to rest some of the controversial legacy issues around coal-block allocations, thereby further improving the investment climate.
Despite the growth and investment friendly stance of the new Government, we are today in a situation where some unsubstantiated legal cases are being pursued against well established and credible business groups, and highly reputed & leading industrialists like Mr. Kumar Mangalam Birla, based on dated perceptions, interpretations and mere inferences.
“If India needs to grow at its potential growth rate of 10% or above, it is critical to ensure a conducive, fair and transparent environment where industrialists and corporate leaders can openly consult with members of the Government, bureaucracy and regulators, as a part of their normal business conduct, without the fear of future legal and investigative repercussions”.
This is a practice across most developed economies, and also being followed in our country, India for decades where top business leaders regularly meet ministers and bureaucrats for organizational objectives.
The Associated Chamber of Commerce and Industry of India (ASSOCHAM) is strongly against corruption in any form or spirit, and in favor of transparent and swift resolution of legislative cases.
ASSOCHAM fully commends the new Government’s stance against corruption and urges therefore that cases such as the aforementioned Kumar Birla situation, where the concerned corporate is fully cooperating with the investigating authorities, be resolved on priority and expeditiously in order to avoid unwarranted embarrassment for our business leaders and their group organizations.