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India dealing with corruption in a mature way: Mukesh

Last updated on: June 14, 2011 17:17 IST

India dealing with corruption in a mature way: Mukesh

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Industrialist Mukesh Ambani has said that an equitable income generation was a must for the country's economic growth, even as he shrugged off the cynicism that recent corruption cases were major deterrents.

Ambani, who leads of the country's leading corporate houses Reliance Industries group, also said that the country was dealing with the recent cases of corruption maturely.

"Although India is marching on a prosperous path, there is a need to do this in an equitable manner -- the benefits spreading far and wide.

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Image: Mukesh Ambani.
Photographs: Arko Datta/Reuters
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"If income generation does not happen in an equitable way, the demographic dividend that India has can work against its growth aspirations," Ambani said in an interview to global investment banking major Morgan Stanley.

Asked whether the recent cases of alleged corruption scandals have led to things turning grim for the country and whether capital investments would slow down, he replied in negative.

"I do not agree that things have turned grim for India. We should not really deprecate ourselves. We have a vibrant society, a vigilant media, an independent judiciary and are dealing with our problems in a mature way.

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Image: Corruption is an epidemic.
Photographs: Reuters
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"We have started on the journey of systemic reforms to reduce corruption. The Old India is making way for the New India.

"The transition will not be an easy ride, but I have no doubt that we are moving in the right direction," he said.

Ambani's comments have come at a time when various cases of corruptions are coming to light, including those involving some big corporate houses and some politicians.

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Incidentally, the government auditor CAG has rapped oil ministry and its technical arm DGH for allegedly favouring Ambani-led RIL by allowing it to double gas field costs, but the company has vehemently denied the charge.

Ambani exuded confidence that the India growth story was unstoppable and the country was headed to become the third most economically powerful country in the world, from a Third World country.

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Photographs: Reuters
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"With the help of the right policies, it is certainly possible to accelerate growth and, simultaneously, to make available the fruits of growth to all sections of the society," he said.

"I believe that India will be a $5 trillion economy in the next 10-15 years. What is important is to note the rate of change.

"It took us 60 years since independence to be a trillion dollar economy. By 2020, we should become the third largest economy in the world," he added.


Photographs: Reuters
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