The Chief Economic Advisor, Mr. Krishnamurthy Subramanian has asked the private sector to change its mindset of ‘socialising’ losses in times of stress. The private sector must distance itself from the habit of grabbing profits and demanding sops from the government in times of financial stress.
The economist was quoted as saying at an event, that during difficult times, India Inc’s 'Papa Bachalo' mindset must change. Talking particularly about the auto sector, he said that what is happening with the automobile companies is not symptomatic of the economy. He also said that the government has its eyes set on growth and will do all it takes to boost the GDP. However, India Inc. can’t expect the government to pitch in every time some of its sectors go through slowdown, he said.
'This 30- year-old man and must start to stand on his own feet. This adult cannot keep asking his father for help and live with the idea of personalizing profit and socializing losses,' he was quoted as saying.
Mr. Subramanian said that the economy now needs to focus on investment as against consumption which drove growth for the last ten years. It’s time to get back to investment which has lost substantially in the last six to seven years. The current government is completely focusing on growth.