Vote Of Confidence for FM Nirmala Sitharaman

India may be facing a slowdown, and by all indications, things are not likely to improve anytime soon, but Corporate India remains steadfast in its support of Finance Minister Nirmala Sitharaman. In a survey commissioned by BW Businessworld, and executed by Havish Consulting, as many as 50 per cent of the corporate respondents rallied behind Sitharaman, and only 18 per cent wanted a new minister at North Block.

In the Mood of the Nation survey, similar findings were noticed, with 42 per cent of respondents saying Sitharaman should continue while 34 per cent wanted a change.

What should worry the Modi government, however, is the fact that both India and Corporate India believe that this government is fixated with its core ideological agenda, not caring too much about the economy.

Again, both Corporate India and India believe that external factors and even the previous Congress government have contributed to the slowdown, with both the surveys holding the Modi government responsible only marginally.

Both the surveys don't quite agree with the former CEA Arvind Subramanian's observations that the Indian economy may be headed to the ICU, and the situation may be as bad as the 1991 balance of payments crisis.

Interestingly, Nitin Gadkari emerges as the firm favourite for the FM's job, followed by Piyush Goyal, should a vacancy arise at the North Block. Also, both the surveys feel that the $5 trillion by 2025 vision may be next to impossible given the present slowdown.

The survey was carried among 5,000 respondents in 12 centres for the Mood of the Nation survey, and 500 senior executives for the corporate survey.