New Delhi: Industrialist Kumar Manglam Birla asked the government to institutionalise the economic policy instead of changing it every year through the budget, which sometimes ends up delivering a shock to investors.
"In most of the countries we have worked, the budget is essentially an exercise where the government spells how much it will spend, how much it will earn and we in the industry do not even come to know when budget comes and goes," said Birla, who heads the $24 billion Aditya Birla Group that has presence in over 20 countries.
"That is because policy making has been institutionalised. Policies for particular industries are already known. Duty structures are already spelled out very clearly in advance in consultation with the industry," he said, while replying to questions from RAW officials after the second R N Kao Memorial lecture at their headquarters.
He said in several European and Southeast Asian countries polices for the next 10 years are well known in advance. "There is more clarity and consistency and you are not subjected to shocks after you have made the investments," he said.
Asked whether there was a need for change in the leadership qualities among the politicians, Birla said: "We need a new wave of polity in our country. People from diverse background are getting into it. I do think we need a new thinking."
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