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Industry must educate masses on economic reforms: RBI

Last Updated: Wednesday, December 12, 2012 - 23:30

Mumbai: Reserve Bank Deputy Governor H R Khan Wednesday asked industry captains to talk to the masses about the need for economic reforms as pro-reform voices are a "limited constituency" in the country.

"There is a huge need for communication (as to) why reforms are necessary. It is not only to attract foreign investors...It is in the interest of the country," he said.

"There is a vested interest in the country against business. They think business is a crime. (They say) any reforms and people will suffer. But nobody explains, starting from the top political leadership to the captains of the industry, academia. Nobody goes and talks to the general people," he said.

Khan clarified that these are his personal opinions and not those of the RBI, which he said is the only central bank in the world which does the outreach programmes that take the top leadership to the hinterland to interact with the youth and general public.

"Captains of industry don't go to the villages and tell people that this is good for you," he said, speaking at a conference on capital markets organised by industry body CII.

"CII should go to the tier-II, tier-III towns and villages and tell why these reforms are good," he said, adding pro-reform voices are a "limited constituency".

Khan's comments come in the backdrop of government getting Parliament's nod for foreign investment in multi-brand retail and asserting its resolve to push ahead with other reform measures.


First Published: Wednesday, December 12, 2012 - 23:30
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