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BJP-led coalition's fall unsettles Bombay, industry wants new govt installed soon

With the crucial finance bill still pending, the business community in Bombay has reacted with concern to the defeat of the Vajpayee-led coalition government at the Centre.

The Gems and Jewellery Export Promotion Council chairman Pravinchandra Pandya said the timing of the government being voted out was ''wrong''. The finance bill is still to be passed and the delay would have an adverse effect on the business and industry.

Pandya hoped that the new government is installed at the earliest so that the finance bill is passed without delay.

The All India Importers and Exporters Association president Mohan Nihalani said political instability created by politicians is pathetic. ''Such a situation is very harmful to economic development in general and specifically for foreign trade. International trade is very sensitive to the ability of the Indian exporters to deliver the goods on time. The present condition is not conducive in this direction,'' he added.

The All-India Association of Industries president Vijay Kalantri said the country has been pushed to political brinkmanship. Even as the country is trying to desperately put its economic act together, the threat of uncertainty and impending elections have become a reality.

''Narrow political considerations seem to triumph over the long-term economic interests and political stability is being sacrificed at the altar of individual ego,'' he opined.

The AIAI appealed to all "right-minded politicians irrespective of their party considerations" to ensure that the finance bill is passed at the earliest.

Expressing disappointment at the fall of the government, the All-India Commodities Traders' Association said that there was no need for panic regarding the prices of essential commodities like sugar, wheat, rice, milk, pulses and others. There were huge buffer stocks available, along with better harvest of the rabi crop, he informed.

The AICTA said it was worried about the delay in adoption of the finance bill by the Lok Sabha. ''The new government should be installed at the earliest and its top priority should be to pass the finance bill."

UNI

EARLIER REPORT:
Save government to save economy, suggests Sinha

Budget 1999-2000

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