'It will take a while before things get reformed. Everybody is passionate about welcoming investment and moving it fast so that jobs can be created for our youth.'
In a chat with ET Now, YC Deveshwar, Chairman, ITC, shares his views on the nation's regulatory environment. Excerpts:
ET Now: What is your view on the regulatory environment?
YC Deveshwar: The regulatory environment has to be reviewed from the lens of responsible competitiveness and not from the viewpoint of the sub-area, because when we are looking at environment or labour, we forget about competitiveness. We have to create a synergy between requirements of social capital formation and ecological capital formation and that of competitiveness and economic capital formation and ecological capital formation and that of competitiveness and economic capital formation as the synergistic enterprise.
ET Now: Could you speak about one particular regulation or policy which you think is missing in the current environment?
YC Deveshwar: It is the way the procedures that the authorities follow to give clearances - say for construction of a factory. The authority is given to the local self-government and those people are not up-to-date with modern manufacturing. Moreover, our system has also become corrupt. They stall clearances, expecting that somebody would give them something. It will take a while before things get reformed. Everybody is passionate about welcoming investment and moving it fast so that jobs can be created for our youth.
ET Now: How optimistic are you of the Modi government getting its act right when it comes to reviving the investment climates?
YC Deveshwar: I am very optimistic because the way they are going is the only way. But we are in such a morass that it will take a while.
ET Now: Finally, your outlook on the India growth story sir?
YC Deveshwar: Yes, I am positive, but it will take a while. People are expecting that something will happen tomorrow, but I am afraid that after having built a web of laws and regulations and procedures through years, it is not going to be solved in a hurry.