Demonetization was discussed to some extent in the meeting. Overall, things are improving. As for us, we have recovered in business in December: Adi Godrej
Industry is gradually emerging out of the initial demonetization blues and business is turning normal for many even as scattered cases of disruption continue to bother them, members of country’s leading industry body Confederation of Indian Industry (CII) told a key minister of the central government.
In the meeting, apart from issues related to disruptions due to demonetization, concerns over a likely rise in tax raids across sectors were also raised. “Demonetization was discussed to some extent in the meeting. Generally, people are not too concerned. Overall, things are improving. As for us, we have recovered in business in December,” said Adi Godrej, chairman, Godrej Group, after emerging from the CII National Council meeting which was addressed by coal, power and mines minister Piyush Goyal.
Following the meeting, Goyal, while addressing the media, said ways to revive industry and investment and how to get over the adverse impact of demonetization were discussed.
“I was addressing the National Council of CII where a number of important issues relating to the Indian economy were discussed and, of course, lot of discussions around the benefits of demonetization and what steps the government is taking to reignite the investment spirit and to ensure that temporary disruption in few trades were addressed,” he said.
Goyal claimed the entire assembly of industry leaders at the closed-door meeting unanimously welcomed the effort to move towards a “corruption-free India, to put an end to the problem of black money, to promote digital transactions so that more and more of Indian economy comes into the formal sector in days ahead”.
“The minister said electoral funding has to be more transparent. These are part of the reform process. We raised concern that there shouldn’t be a start of tax raid Raj, to which the minister said the government won’t be going after companies indiscriminately,” said Apollo Hospitals Enterprise executive vice chairperson Shobana Kamineni.
Apollo’s healthcare business is coming back to normal.
“For one month, we really struggled. But now things are improving fast, with 70% payments being made now at our hospitals are through the digital mode”.
“Even representatives of sectors like two-wheelers and FMCG which were impacted believe demonetization is a positive step,” she said.
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