Future is bright, but we need to be patient: India Inc

Praising Narendra Modi-led government for taking various policy initiatives, corporate giants believe that it will take time to achieve the growth targets envisioned by the Prime Minister.

"A number of legislative changes have been made which we have never heard of or seen before. The government has undertaken a number of policy initiatives in the last few months. The government is actually laying the foundation for what will come in the future," Tata Group Chairman Cyrus Mistry said at the Hannover Fair.

He further said Indians should not get caught up in the short term, but what is necessary to see is that the government is laying the foundation that is exceptionally important "because we want growth which is sustainable".

"There is still a long way to go. There is a need for change in mindset of corporates, bureaucracy and government and we are going through that phase. We are very positive about the future, but it will take time," he said.

Echoing similar views, Siemens Chief Executive Officer Joe Kaeser said that there has been a lot of change in the sentiment due to the initiatives announced and steps taken by the government.

"There is a change in sentiment and everyone wants to be a part of that. The direction is clear but now we need to see how to support it. It will take time and people should not get overly exited. First there is a need to develop infrastructure and improve mobility. We are all excited, but it takes time," he said.

Bharat Forge Chairman and Managing Director Baba Kalyani said the country will see the changes happening in the next 6-18 months.

"Make in India is not just a movement or something emotive, but we believe in it as it is largely logical."

Currently, the manufacturing sector contributes nearly 15-16 per cent or $350 billion of the total GDP and for increasing the GDP to up to $7 trillion over 10-15 years, manufacturing will have to grow to at least 1.25 trillion, he said.

"If we have to achieve this, we will have to grow nearly 4-5 times or else we will miss the bus. The government's initiatives like making the environmental clearance process online, abolishing licensing, among others are being put in place to make doing business easy. However, we will start seeing results only in next 6-18 months," he said.