Many industrialists contacted by The Financial Express were apprehensive of the general elections throwing up another hung parliament. They believe that a coalition government is not able to take bold steps on the economic front, which affects industry and trade.

"The three coalition governments have failed to turn around the economy. Industrial growth and exports have floundered," said the chairman of a Rs 1,000-crore corporate house.

"Industry has not made any money in the last three years so where will we pay the money from to political parties," the head of a Rs 700-crore corporate house, said.

The disappointment over the political instability plaguing the country since 1996 and the recession in the economy, which shows no sign of recovery this yeartoo, is writ large on the faces of industrialists.

This is bound to reflect in their response to the demands for funds from political parties, though majority of industrialists admit there is no escape but to dole out some money.

A telephonic poll of 100 chief executive officers done by The Financial Express last week reflected the industry's disappointment with the last two finance ministers, as nearly 70 per cent of the respondents wanted Manmohan Singh to be finance minister once again.

The managing director of a large sugar company, however, said that he would not pay any political donations this time round. "What have the last two governments done for our industry. If anyone comes to me for money, I am going to ask them what have they done for us that we should repay them," he said.

There are others who have found the easiest way out -- go abroad during election time to avoid demands of large funds from political parties. As one industrialist quipped: "Spending time overseas can be muchcheaper than living in the country in such times."

Majority of the industrialists are still not in favour of paying political donations by cheques even though industry chambers like the Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce & Industry (Ficci) have been trying hard to bring in `reforms' on this front.

The reason is simple -- fear of persecution by political parties which may have received lesser money compared to others once they come to power. "There is no benefit to a corporate house if it makes political donations by cheques. It can only lead to innumerable problems," the chairman of a leading export house said.