NEW DELHI: Amid concerns over low private sector investment, Aditya Birla Group chairman Kumar Mangalam Birla Friday said the corporate sector was undertaking capital expenditure at a very fast pace.He said RBI data pointed to growth in bank loans to the corporate sector, which are evenly spread between small and medium enterprises. “There is capital discipline, wherein you will take a view regarding the investments. But I don’t think we should confuse it with conviction about India. Conviction about India is perhaps the highest I have seen in a long time,” Birla said at ET World Leaders Forum.He said the use of tariff policies by advanced countries will not result in an increased manufacturing capacity for them as businesses have a far more “nuanced” approach while investing. “For example, you cannot invest in aluminium facilities in the US just because there are tariffs on aluminium exported from India. That’s something that cannot happen practically. The route we have taken is to be local for local customers.“Regarding the regulatory regime in India, Birla complimented govt’s moves and said there was significant improvement in ease of doing business in the past decade and there is no particular concern that businesses face in India, which is not present anywhere in the world. “Govt has done a lot in the past decade. Financialization, tax reforms, digitalisation… all have helped in ease of doing business,” he said.Expressing optimism in India’s growth story amid an uncertain global environment, Birla said India needs to be the growth engine for the entire world and move beyond the existing China plus one strategy.
