'Common policy plank will soothe nerves'

India Inc on Monday expressed optimism that the Congress-led government at the Centre would carry forward the reforms, and the stock market crash was a result of "complete nervousness" among investors, which would recede after the common minimum programme is drawn up.

Industrialists dismissed allegations of the role of corporates in the market crash but put the blame on foreign institutional investors, who are pulling out their money from Indian markets.

FICCI vice-president and Apollo Tyres chief Omkar Kanwar said "It (market crash) is due to complete nervousness among investors. Everything will be normal after the common minimum programme is announced."

S k Birla blamed FIIs for the worst ever crash in Indian bourses and said corporates have not sabotaged the market after the change in guard at the centre.

"Economic fundamentals are correct," he said adding reforms would be continued by the new government too. On disinvestment, he said "this is a process that can't be stopped. Even the left front government has done it in west bengal."

He proposed the ipo route to disinvest shares of psus as it had been done for british companies like british telecom.

Sunil alagh, former md of britannia industries said "reforms will continue but the pace may change."