"It appears that the Congress is aware of the fact that coalitions are not the best way to run a country like India" Thapar told the The Financial Express. Industry expects say that mid-term polls are around the corner, he added.

Thapar felt that the BJP government had failed to deliver on its promises. "So many important economic legislations are pending clearence. Before every parliamentary session, we are told that the government will table bills like Fema, ULCA, money laundering bill, companies act amendments, insurance bill, but nothing happens" he said

"For example, Fema was expected in this session. Now we are told that it will be tabled in the budget session which is bound to be a busy one" he said.

Thapar said that all these factors send the wrong signals to industry and affected growth. "Industrial growth rate has slowed to 2.5 per cent at present, and the financial year will end with an average growth of 3 per cent," he said.

He expects that the growth will be witnessed only in sectors like software or the service industry. Manufacturing sectors like paper, cement, steel and textiles will record dismal growth, he added.

The Thapar group chairman has closely worked with the chambers of industry and held the post of president of the Associated Chambers of Commerce and Industry (Assocham). Thapar was also an advocate of the now-defunct Bombay Club.

He feels that chambers have to stop being reactive to the government's policies and adopt a more pro-active role. "The government wants to work more closely with the chambers. But the chambers have failed to cash-in on this," said Thapar.

Thapar is in the process of handing-over the reins of the Thapar group of companies to his nephews, Gautam, Vikram and Karan Thapar.

"There is no serious friction between them," he clarified. He envisaged that five years from now the Thapar group would have consolidated on its core competencies.

Commenting on his role in the group, he quipped, "I see myself as fully occupied on the golf course. I hope that my nephews will draw on my experience from time to time," he added.

Thapar felt that the business group promoted by him had undertake a great deal of restructuring in recent years. Other Indian companies would also have to look inwards, and take more steps to improve productivity, he added.