The Centre’s recent decisions on demonetisation and the Goods and Services Tax (GST) have put the brakes on India’s growth, according to Larsen & Toubro’s outspoken Chairman AM Naik.

“The government is so busy with elections. Now, there are elections in five States, and there will be some other elections, 2019 is general elections, and they have to catch votes, so they are promising a lot to the social sector, with the result there is not much money left for development,” Naik told BusinessLine.

Naik also blamed the private sector for over-investing in PPP projects in 2004-05.