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'10% growth? India can achieve it!'

Last updated on: May 14, 2014 18:25 IST

'10% growth? India can achieve it!'

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Ahead of the election results, leading industrialist Gopichand Hinduja has said a clear majority for the Bharatiya Janata Party's Narendra Modi will provide a stable government that can bring the economy back to a high-growth trajectory.

"It is very important that he (Modi) gets a majority so that there is a stable government, at least with his allies who are not looking to their greed, but are in alignment to see how the economic growth comes and good governance comes," the Hinduja Group Co-Chairman told CNN.

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Image: A child holds a national flag.
Photographs: Reuters

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Exit polls indicate the BJP-led National Democratic Alliance under Modi will form the next government after votes are counted on May 16.

Hinduja, who is also Chairman of Hinduja Automotive Ltd, said the United Progressive Alliance got negative reviews because of its governance record.

He said it was ‘not easy’ to bring in good governance.

"The whole system has to be changed," he said.

"And I think it takes a lot of effort and we cannot expect the 10 per cent growth to come the next day.

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Image: Exit polls indicate the BJP-led National Democratic Alliance under Modi will form the next government after votes are counted on May 16.
Photographs: Reuters

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"But, definitely within two to three years if there is a stable government and if good governance is there, 7-8 per cent (growth) is achievable.

“And if the global economy is also favourable, then the potentiality for 10 per cent growth is there," he said.

The head of the over $25-billion group said, to achieve growth, good governance was necessary.

"Investors want to jump in. Unfortunately, because of not having good governance, there has been a setback," Hinduja said.

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Image: The head of the over $25-billion group said, to achieve growth, good governance was necessary.
Photographs: Reuters

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Stressing that tackling corruption is part of governance, Hinduja said any government will have to address the issue.

"Definitely this (corruption) is part of governance.

“Whichever government comes into ruling will have to address this and it is not only in India, it's in many parts of the world.

"But, India has so many other factors to be proud of and I am sure they will be able to take care of this (corruption) once a stable government is there," he added.

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Image: Stressing that tackling corruption is part of governance, Hinduja said any government will have to address the issue.
Photographs: Reuters

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'10% growth? India can achieve it!'

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Hinduja said he is sure the new government is well aware of the problems in the country and ‘that is why the voters are going to give them the mandate.’

"It will be a Herculean task for any government to do anything in a short time. It will take time and we all should have patience," he said.

Asked about the popularity of Modi among the masses in India, Hinduja said the policies that Modi has put forward to the voters are helping the BJP's Prime Ministerial candidate.

"He expresses very well what he wants to do.

“He is ready to take India forward. He has seen the mistakes of the ruling government and has been able to bring them forward to the voters and this is what is bringing him ahead," he added.

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Image: Narendra Modi.
Photographs: Reuters

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On efforts needed for social justice and human rights, Hinduja said under the outgoing government, ‘a lot has happened, but there is much to be done.’

The middle class has been debating these issues and the media played a key role in bringing them to the fore, he said.

"The new government will definitely have to do more on social reforms, especially the empowerment of women, which again helps our economy. Fifty per cent are women and if they start performing well, it automatically helps the economy," he said.

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Image: Workers stand as a crane loads wheat onto a ship at Mundra Port in Gujarat.
Photographs: Amit Dave/Reuters

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Hinduja said while India has 10 million youth every year looking for jobs, the latest data show only 1.6 million were employed.

Today's youth are more talented and bright and when they go outside India, they prove themselves, he said.

"So a lot should be done to invest in infrastructure, create new jobs, so that the new talent that is coming should be able to get jobs in the country rather than outside," Hinduja added.


Image: Hinduja said while India has 10 million youth every year looking for jobs, the latest data show only 1.6 million were employed.
Photographs: Ajay Verma/Reuters

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