In the intricate tapestry of India’s corporate landscape, a captivating interplay unfolds between economic gratitude and political trepidation under the current regime. Venerable conglomerate heads and dynamic start-up founders, converge on a peculiar spectrum of sentiments toward the government ~ a blend of appreciation for economic stewardship and an undercurrent of fear. The recent consecration of the Ram temple in Ayodhya became not just a religious spectacle but a stage for India Inc. to pay homage to the current leadership. India’s economic narrative, guided by the present government, is hailed for its robust performance.
Over the last decade, GDP growth has outpaced many global counterparts, registering a formidable 7.6 per cent year-onyear surge in the third quarter of 2023. The doubling of foreign direct investment over the past three fiscal years and India’s stock market eclipsing Hong Kong’s underscore the buoyancy in the country’s economic trajectory. Policies like the national digital ID and the Goods and Services Tax (GST) receive due credit, ushering in a digital payments boom and streamlining the erstwhile complex tax landscape. However, a more nuanced discourse emerges behind closed doors.
Corporate leaders, while expressing gratitude for the government’s economic stewardship, harbour concerns about the potential for political instability post the current regime. The sustainability of landmark policies post this era becomes a shadowed question mark, casting uncertainties on the continuity of India’s economic momentum. The duality intensifies when examining the delicate dance between public praise and private unease. Publicly, industrialists shower accolades, emphasising the government’s openness to dialogue and its leader’s perceived incorruptibility. Personal interactions with executives, from regional leaders to heads of multinationals, are portrayed as constructive and inclusive, reflecting a receptive government. Yet, privately, guarded praise morphs into hushed anxieties. A telling incident from the past resonates ~ a corporate tycoon openly expressing concerns about intolerance in the air. Since then, public dissent has been muted, creating a void where authentic critique once stood.
The unspoken consensus within India Inc. appears to be that maintaining a harmonious relationship with the government is not merely advisable but, for many, a matter of existential importance. As India’s business leaders tread cautiously, navigating the tight-rope between public gratitude and private trepidation, the enigma of the government’s hold on corporate India deepens. While the undeniable economic strides continue to shape the narrative, the undercurrent of caution and a hesitancy to voice concerns, signals a complex relationship, one where success and anxiety dance in tandem, casting shadows on the otherwise vibrant canvas of India’s corporate landscape. In the corridors of power and boardrooms alike, the dichotomy persists, leaving the future relationship between India Inc. and the government poised on an intricate precipice, navigating the delicate balance of economic appreciation and political circumspection.