I was talking with a friend the other day of how the government is starting to hurt industries through arbitrary regulation and policies.
I was myself witness to what happened to the SMS business with the TRAI regulations that came in last year. Other than that, the telecom industry is hurting. So is the microfinance industry. The gold finance companies too have been severely impacted by the spate of regulations brought forth by RBI. And there are perhaps some others.
On top of this, the Finance Minister is still intent on bringing forth those retrospective taxation laws.That has the potential to hurt many companies.
I don’t remember the period just before 1991 much since I was in the US then, but I can only imagine how it must have felt. Unfortunately, we don’t have elections for another couple years.