ED, IT raids, tainted politicos robbing TS capital of its sheen

Hyderabad: Business circles and different organisations are worried that that the ongoing slugfest between the TRS and BJP and the resultant IT and ED raids may result in creating adverse image in regard to Brand Hyderabad.

It may be recalled that of late there have been ED and IT raids on businessmen, corporate bigwigs, film personalities and political leaders. Hyderabad has been grabbing national attention during the last two months following ED and IT raids on Aurobindo Pharma infra and the arrest of its director and some more local entrepreneurs from IT and liquor manufacturing units in the Delhi liquor scam and the Ed questioning TRS leaders in the alleged casino money laundering and FEMA violations and Poachgate case, raids on reality companies created political sensation in the country.

Some businessmen from organisations like FTCCI (Federation of Telangana Chambers of Commerce and Industry), CII (Confederation of Indian Industry), Hyderabad Software Enterprises Association (HYSEA) and different manufacturers associations expressed concern over this kind of situation and feel that if this continues for more time, it could send wrong signals.

A top businessman associated with FTCCI (on the condition of anonymity) told The Hans India that "Regular raids by the Central agencies on businessmen and corporate offices have led to a situation where business communities from other States are enquiring about the happenings in Telangana. They have been asking if the raids regarding genuine crime or were politically motivated. The FTCCI, he said has been somehow so far been a stand that Hyderabad continues to be the best destination for investments both in service and manufacturing sector and these few incidents should not disturb the investors.

Representatives of the CII and other trade and manufacturing associations said. "Already rupee value against the US dollar slipped to all-time low. The raids could send a wrong message that there was collusion between political and corporate managements. They feel that it is the responsibility of the two governments-- Central and State- to dispel the doubts raised by business community and protect the brand Hyderabad image.