BENGALURU: While delivering a talk on ‘Global Economic Crisis: Implications on India’, economist Dr R Vaidyanathan said that it was too soon to tell how long it will take to get out of the slowdown as all reports are based on quarterly results only.
“The global economic crisis is happening for different reasons and has no impact on India. As for our country, to actually aid ease of doing business, draconian acts such as Food Adulteration Act, Shops and Establishments Act, and other such acts used to harass businesses, must be reformed or scrapped. These acts are a means of extorting money from common citizens,” Vaidyanathan said, while speaking at Federation of Karnataka Chambers of Commerce and Industry.
He dismissed reports of the Indian auto industry in crisis and job cuts in Peenya industrial area or IT companies.
“The auto industry is in crisis across the world and not just in India. There is a cyclical shift happening in the economy, where there is more focus on outsourcing,”he said, further adding that India could come out of the slowdown faster if corruption in local agencies such as BBMP, BDA, BWSSB etc, state government and national government is tackled.