Chandrasekran said the goods and services tax (GST) regime and the Insolvency and Bankruptcy Code (IBC) are historic decisions.
The
liquidity crunch that had gripped various sectors after the IL&FS
crisis is mostly behind us, said N Chandrasekran, chairman, Tata
Sons at ExpressAdda, an Indian Express event on Tuesday.
“There
are issues here and there, but this issue (liquidity) is behind us,”
he said.
On
the possibility of India becoming a $5-trillion economy, he said, “I
think it is possible. To achieve anything, you need to have
aspiration.”
He
added: “The Indian market has huge potential. There are a number of
trends like urbanisation, rising middle class, etc, which are
irreversible.”
He
said the goods
and services tax (GST) regime and the Insolvency and Bankruptcy
Code (IBC) are historic decisions.
“Whether
it’s the IBC or the GST, to my mind these are historic decisions. I
don’t think anybody will say these are wrong decisions, but the
speed at which things have to happen has to be better.”
Sometimes,
he explained, it is better to allow things to happen “in a fall
forward manner” — one may not be perfect, but one has to keep
getting up after a fall.
He
however, added some decisions “that are large have to be executed
right, close to expectation, otherwise they lose momentum.”
Touching upon the banking sector’s non-performing assets (NPAs), he
pointed out, “We are taking a lot of time to correct problems like
NPAs. There is a slowdown in these corrections and they have to
happen fast to bring confidence back in economy."
On
Rahul Bajaj’s criticism of the Centre, he said, “This government
works harder than anyone else. I have not found a situation where I
cannot put my point across to them. However, I cannot say whether
that input will be implemented.”
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