New Delhi: When the economy starts entering a downward spiral, one would expect India’s billionaires and captains of industry to raise the first red flag.

Historically, however, this has not been the case and it is even less so under the BJP-led central government over the last five years.

Those who stood out this year were the likes of Larsen & Toubro’s A.M. Naik, Piramal Group’s Ajay Piramal, Bajaj Group’s Rahul Bajaj, Biocon’s Kiran Mazumdar-Shaw and even RPG Group’s Harsh Goenka for their words in an otherwise seemingly insulated, blissful world of their fellow corporate leaders. India’s rapidly slowing GDP growth touched a six-year low at 4.5% in the second quarter as manufacturing output slumped and consumer demand as well as private investment weakened.

For once, it was the ‘silent prime minister’ – Manmohan Singh, now a vocal member of the opposition – who did the talking on behalf those who blamed him for ‘policy paralysis’ and criticised him while he was at the helm of a government seen by some as indecisive and incompetent.

Writing on on November 18, Singh wrote that there was “a palpable climate of fear in our society today”.

“Many industrialists tell me that they live in fear of harassment by government authorities. Bankers are reluctant to make new loans, for fear of retribution. Entrepreneurs are hesitant to put up fresh projects, for fear of failure attributed to ulterior motives. Technology start-ups, an important new engine of economic growth and jobs, seem to live under a shadow of constant surveillance and deep suspicion,” he wrote.

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Indeed, most India Inc leaders who did speak out primarily addressed this concern – that if they gave critical feedback, either private or public, they felt it would not be accepted well. Or worse, perhaps even invite the wrath of India’s investigative agencies.

Businessman Ajay Piramal spoke directly to this in September 2019, when he described the feeling of “mistrust” between the government and India Inc and a general climate of fear.

“Today I see there is a gap, there is mistrust between the people who are in power and the people who are wealth-creators,” he said, choosing curiously to make his remarks at the World Hindu Economic Forum in Mumbai.

“Why do we need to have everything criminalised if there is a charge of an offence against you? With so much of information available, with so much of data available, do you need to have searches and raids? Do you need to have lookout notices issued? It does not give a positive feeling to any businessman,” he averred.

A little before Piramal’s comments however came remarks made by Larsen & Toubro non-executive chairman A.M. Naik, who criticised the Centre’s performance by saying that PM Modi should work like Gujarat CM Modi.

“How many industries have come here [India]? For the past two years, the US has been talking of moving American industry out of China, but we were busy in the elections. So, we did not do anything,” Naik said.

“When the Tatas had come with their motor plant [Gujarat], for three days [government] officials stayed in the office. But in one week, all the permissions were given. Now, we can’t do it, but you can’t take years,” he added.

When asked about tight liquidity concerns, the L&T boss reminded the Modi government that “lots of promises were made during the elections and you have to fulfil them now”.

The industry veteran also raised questions on government data credibility, saying one now has to use his or her own judgement while viewing official growth numbers.

The highlight of the year though was an event organised by the Economic Times in Mumbai on November 30, where home minister Amit Shah, finance minister Nirmala Sitharaman, and commerce minister Piyush Goyal faced off against questions put forth by industrialist Rahul Bajaj who spoke about the government’s stifling of criticism among other things.

“This environment of fear, it’s definitely on our minds. You (the government) are doing good work; and despite that, we don’t have the confidence that you’ll appreciate criticism,” the veteran industrialist said.

His apprehensions of criticism not being appreciated was met with a tweet by Sitharaman, who said, “…Questions/criticisms are heard and answered/addressed. Always a better way to seek an answer than spreading one’s own impressions which, on gaining traction, can hurt national interest”.

Bajaj found support from Biocon CMD Kiran Mazumdar-Shaw who hoped that the government would reach out to India Inc for working out solutions to revive consumption and growth.

“So far we are all pariahs n (sic) govt does not want to hear any criticism of our economy,” she tweeted.

Replying to Sitharaman’s response to Bajaj, Shaw retorted, “Madam we are neither anti-national nor anti-government”.

Madam we are neither anti national nor anti government. We want you to succeed big time as fastest growing economy n rise to the top of the global league of economies. I am a proud apolitical National n only want the Govt to promote good policies including at State level — Kiran Mazumdar Shaw (@kiranshaw) December 2, 2019

Shaw further said, “We want you to succeed big time as fastest growing economy n (sic) rise to the top of the global league of economies. I am a proud apolitical National n (sic) only want the Govt to promote good policies including at State level.”

Towards the end of the year, some more leaders joined in to raise their concerns.

RPG Group boss Harsh Goenka tweeted out obliquely over the CAA-NRC controversy, saying that India is wasting its time on “saffron or green, potatoes or beef, CAA or not” and that the government should be focusing on long-term policy goals instead.

I want my India cleaner than Finland, more innovative than Switzerland, to do better in Olympics than USA, to be safer than Sweden – to be the fastest growing economy.

And here we are wasting our time on saffron or green, potatoes or beef, CAA or not.

Let’s focus on real issues. — Harsh Goenka (@hvgoenka) December 23, 2019

Even when India climbed 14 rungs in the World Bank’s Ease of Doing Business ranking to stand at the 63rd position and figure among the world’s top 10 most improved countries, Bharti Enterprises Chairman Sunil Mittal wanted more, so did his fellow industrialist and industry chamber CII president Vikram Kirloskar, who at a pre-Budget meeting with Sitharaman spoke about further ease of doing business.

(With inputs from PTI)