If industry agreement on further reforms can be reached relatively quickly, then the need for the Reserve Bank’s co-ordinating role to be interventionist is limited. On the other hand, if, as on some past occasions, the industry is unable to carry forward reform and innovation by itself, the Reserve Bank would consider making more extensive use of the tools at its disposal.
Those business leaders, who had amassed wealth not by dint of hard work, enterprise or innovation but by evading taxes, defaulting on bank loans, stealing electricity and getting SROs issued to favour them selectively have indeed stopped “investing”.