Modi has weeded out large-scale graft

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Mumbai: HDFC chairman Deepak Parekh has praised the Narendra Modi government for weeding out “large-scale corruption” at the Centre and providing strong leadership for driving key policy changes. Parekh’s comments on the government were made in a speech delivered at a CII event on Monday. He raised the issue of India’s strong position in the context of what he described as “political leadership deficit” in many advanced economies and mature democracies.

He said that India has never been in a stronger position than today from a macroeconomic perspective. He said that the country was demonstrating immense growth potential supported by the fall in prices of international commodities.

On the government’s measures to stamp out corruption, Parekh said that the biggest mark of credibility that India has today is that all government tenders and bidding are being done transparently through e-auctions. “India is a very compelling story for long-term investors looking for higher yields on their investments. India has never seen better days than the present. So I am confident that businesses across the board will see an upswing,”

He said that while India did not have any problems on the political front, this year has seen the rise of many more political personalities across the world that could spell trouble and have serious implications. “Markets will be increasingly volatile to events like the future of the EU and the run-up to the US elections,”

“Private sector capex has continued to be slow, so support has been boosted from public sector spending on infrastructure. Often, when infrastructure projects are a work-in-progress, there tends to be a feeling that nothing is happening on the ground. But this is certainly not the case in India,” he said. Parekh added that there was a lot of activity taking place — across ports and waterways, airports for better regional connectivity and the initiation of smart cities through area-based development.