Business tycoon, Adi Godrej, who joined as the new president of the Confederation of Indian Industry (CII) on 18 April, has said that the government should work towards improving business sentiment in the country.

He said that the country had faced a difficult economic period during 2008 but at that time all sides were optimistic of a fast recovery. Godrej said that he believes that even the government was more positive at that for the economic prospects of the country.

He pointed out that factors including a slowdown in economic growth, lack of reforms, corruption and increasing concerns over governance stands had affected business sentiments in the country. “We would like the government to work, to see that the sentiment improves. Then we should work together to improve the reality,” he said.

On the issue of proposed retrospective tax amendments and general anti-avoidance rules (GAAR), he said that these proposals of the governments have further dampened the business sentiment. The retrospective tax amendment is hurting the business climate in the country and its not a right decision at this point of time to introduce such changes.