MUMBAI: India Inc has squarely blamed the Opposition for stalling the passage of key legislation in Parliament but also warned the government against diluting the land Bill amendment and delaying the implementation of the crucial goods and services tax GST ). A countrywide ET Poll of 30 top CEOs found the mood among captains of Indian industry to be sombre as the all-important monsoon session of Parliament winds down without any significant business being conducted. A majority of CEOs felt that a full-fledged economic recovery will now happen only by FY17 and not in the second half of this year as had been expected, although they agreed that early signs of a revival in the economic cycle have started becoming visible.The CEOs were unanimous in saying that the Congress-led Opposition’s agenda was destructive. The government got some flak for not being pushy enough and for backpedalling on key reforms.The company bosses were critical about the government’s attempts to dilute key provisions of the land Bill amendment with a majority agreeing that it will make investments more expensive and time-consuming. The prospects of a delay in implementing GST were roundly condemned, with 61% of the respondents agreeing that it will push back economic recovery and productivity gains.The monsoon session of Parliament appears to be heading for a washout with the Congress-led Opposition stalling proceedings daily ever since Parliament convened in mid-July. With only three days to go, the GST Bill appears unlikely to pass both houses in its amended form and is almost certain to miss the government’s implementation schedule of April 1, 2016. Many CEOs felt that this would be a big blow.The amendment to the 2013 land acquisition Act has also got bogged down in wrangling and is not expected to pass this monsoon session, even in its diluted form. About 74% felt that watering down the amendment will increase costs for businesses and affect investments. While the Opposition bears most of the condemnation, there is disappointment with the government as well. Only 35% of respondents believed that the government is doing enough to revive infrastructure projects while an equal number said that it is too early to tell.About 30% said that not enough is being done. A near majority (44%) said the government’s plan to recapitalise public sector banks is a case of too little, too late.Reviving infrastructure is a key item on the government’s agenda and the scepticism reflects the scant progress that has been achieved.Much of the gains made by India Inc in recent earning cycles seem to be the result of lower commodity prices. A majority of CEOs said raw material costs are coming down thanks to this. About 60% want to invest in new projects even if the old 2013 land acquisition law comes back into force and about 76% say they have begun investing in new projects as the country is in the early stages of a recovery. Reports of a rift between the Reserve Bank of India and the finance ministry over the composition of the monetary policy committee don’t appear to have worried CEOs.A big chunk, 80%, backed RBI governor Raghuram Rajan’s suggestion that a veto for the governor isn’t necessarily a good thing. The Modi government gets a rating of 6.4 out of 10 for its handling of the economy in the past 15 months.