Modi thinks Mukesh Ambani, KM Birla and Sunil Mittal amongst others are being timid for no reason

Senior government leaders are upset with India Inc for not vociferously backing the government's reforms agenda with Prime Minister Narendra Modi advising industry leaders to take more risks.

Modi’s observation that big corporates must take risks, made on Wednesday during a meeting with industry leaders, came in the backdrop of a quiet, behind-the-door critique of corporate India by the PM's senior advisers.

The prime minister's advisers have been not been happy with corporate India for not supporting the government's reforms agenda, a senior official said on condition of anonymity, adding the example of the Land Acquisition Bill was cited in the meeting.

Modi is believed to have remarked his senior advisers that he had risked enormous political capital to push through the Land Bill but India Inc hadn't supported the reform.

According to a person familiar with the matter, senior government leaders are of the view that India Inc could have played a constructive role by engaging with opposition parties.

Interestingly, senior Congress and other opposition leaders said no big names from industry had approached them as the political controversy over GST and Land Bill reached a peak.

The example Modi gave to his close advisers of India Inc engaging in the reforms process earlier came from his days as the Gujarat CM. The PM observed that when as CM, he was opposing GST, senior industry figures would come to him to change his mind. But corporate India's willingness to intervene in similar fashion was noticeably lacking as the Land Bill and then GST got caught in political fights, the PM feels.

The online campaign launched by industry chambers for GST was too little, too late, PM's senior advisers feel.

There's also the feeling in the government's highest levels that certain statements made by prominent industry leaders critiquing "the lack of reforms" by the NDA regime were made too quickly and without sufficient attention being paid to government efforts and industry's own lack of initiative.

Senior government advisers are also of the opinion that Congress Vice-President Rahul Gandhi's barbs about 'suit-boot ki sarkar', a phrase that implies and alleges a cosy relationship between the government and India Inc, was allowed to go unchallenged by corporate India.

Industry leaders should have made the point that encouraging private investment was the best way to create jobs for ordinary people, Modi's senior aides feel.

The PM's advisers are also upset that industry has not seized opportunities despite creating what they think is the most business-friendly government of recent times. Modi's advisers say procedures have been eased, labour laws are being liberalised, banks are being weighed upon and infrastructure sectors are being opened up. They argue industry should have been bolder given these changes.

At a recent meeting, when the discussion was about the slow pace of growth, the PM had observed that his government had done everything that was required, and that industry had sufficient incentive to take the lead now.

(Image: Indiatimes)