India Inc seeks new governance model

Mumbai: Asking the government to dispel notions of policy paralysis, India Inc on Sunday said it should evolve a new model of governance to meet the growing expectations of the people and guard against any protectionist measures globally. The policymakers and industry leaders also sought concrete steps to safeguard the country`s capital flows from the economic crisis in Europe and elsewhere globally, while speaking at the annual Indian summit of World Economic Forum here.

Leading industrialist Mukesh Ambani urged the government to move faster in its decision-making and to put to rest any notion about policy paralysis due to political constraints. Ambani said that a dramatic shift was required in the governance model to meet the expectations of each citizen in the path from the 20th century mindset to a 21st century delivery model.

At the same time, private sector lender ICICI Bank`s CEO Chanda Kochhar warned that the capital flows to India might be impacted by the "worrying" trends in the global economic scenario.

Sounding a note of caution, Commerce and Industry Minister Anand Sharma said steps were required to ensure that the worsening Eurozone debt crisis do not lead to protectionism, as had happened in the aftermath of the 2008 financial crisis. Besides, he said, nations should act to see that there is enough capital flow into the rest of the world and the present Eurozone crisis should not curtail the flows. .