In the wake of the depreciation of the Rupee against the US Dollar, India needs to implement measures in a considered and thoughtful way, Chairperson and Managing Director of Biocon, Kiran Mazumdar Shaw said today. "Our regulators need to do something about that very urgently. We have been floundering about our interest rates. And after a long time they are saying interest rates are not healthy and that they are advancing inflation. I think we should not be having knee-jerk reactions," she said. Talking to reporters on the sidelines of TieCon Chennai 20121, she said "we need measures that can be actually done in a considered and thoughtful way." The present situation, which she said would benefit the export industry, however posed challenges as import bills go up, besides rise in manufacturing costs. On the global slowdown, she said every challenge throws up an opportunity and with India having "a lot going for it," despite the "gloom and doom around the world," the focus should be on building the economy. "With global slowdown there are going to be challenges for the export industry. But we also have a growing and robust domestic economy to support. We have to look at like these as they say, when times are tough the tough get going...this is an opportunity to look at pur own domestic economy and build it stronge," she said. Whether it was healthcare or manufacturing or any other sector, there was "much to be done," she said adding this was the opportunity for India to build an inclusive economic model where everyone is put to gainful employment. Earlier, participating in a panel address, she rued the lack of a feedback mechanism relating to government and governance and called for 'checks and balances.' She said that the Centre's MNREGA had become more of a 'cash distribution system," and said that the governance structure had not ahcieved its objectives.

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