“We are missing out opportunities because of our timidity, due to fear of unknown....because of procedures," Chidambaram said.
Chidambaram said that most of the problems faced by business and financial organisations is due to the fear of breaking free from the norm.
“We are not letting them grow and as a result we are missing huge opportunities,"
Citing the opposition to merge SBI as an example, Chidambaram said that resistance to chance has hampered the growth of entities to major extend.
“SBI will have Rs 50,00,000 crore business by March 2010. But that is not big enough. I think we are not letting them consolidate...,"
The Home Minister made the statement during the All Indian Management Association (AIMA) awards here.
It was attended by SBI chairman O P Bhatt, Maruti Suzuki India Ltd chairman RC Bhargava and former SEBI chairman M Damodaran among others