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Apr 06, 2012, 01.06 PM IST | Source: CNBC-TV18

Retrospective amendment not good, says Sunil Munjal

Hero MotoCorp's Sunil Munjal is not happy with the government's decision of a retrospective amendment to the IT act.

Sunil Munjal, Hero MotoCorp

Hero MotoCorp ’s Sunil Munjal is not happy with the government's decision of a retrospective amendment to the IT act. He says the move is discouraging to foreign investors, and this will hurt India's growth prospects. He also said labour laws have to be amended if India is to become a more attractive investment destination.

“The government has given its logic and reasoning by saying that they have not made any change, just a clarification on what the original intent was. But it’s clear that in the mind of investors that's not good enough,” he said.

He further adds this move has created nervousness in the investor community, making them hesitant to put their money in India.

According to Munjal, labour laws need to be relooked so as to kick-start growth. “We need to do three or four things which will help us to accelerate and create some more growth, and clearly labour law is one of them,” he said.

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