Housing finance major HDFC Chairman Deepak Parekh has said he has never been as optimistic about the Indian economy as he is currently. “I have been recently saying to every foreign investor and anyone whom I meet, that in my 50 years of working life in India, I have never been as optimistic about the future potential of our country as I am today,” he told CNBC-TV18.
Stating that in the next few years, India will be the highest growth country in the world, he said Prime Minister Narendra Modi has the “political capital” to set India on a growth path ahead with the country’s high creditability in the international market.
“We have been saying this for a while that the optimism around India’s growth potential is well within our grasp… With our rising middle class, aspirational society, and domestic-driven large consumption, what the country now needs is a higher rate of investment. Nothing is achieved without vision, nothing is achieved without conviction,” Parekh said.
In his address to mark the 76th Indian Independence Day, Prime Minister Narendra Modi said India will be a developed nation in the next 25 years.
Parekh told CNBC-TV18 that the optimism around India’s growth potential is well within our grasp. The pivot of future global growth has clearly shifted to Asia, and India is seeing the transformation on a very large scale. “Over the past 15 years, more than 15 million people have been lifted out of poverty. This feat is the highest rate of poverty reduction seen anywhere in the world.”
He added that India is one of the fastest-growing major economies and it will remain that for some years. “With our rising middle class, aspirational society, domestic-driven large consumption; what the country now needs is the higher rate of investment. Nothing is achieved without a vision, nothing is achieved without the conviction; that was what the PM was alluding to (during his Independence Day speech). Clearly, he has the political capital to set India on a higher growth path.”
Parekh also said the game changers of tomorrow is food security that we have, energy security, technology and the 4th Industrial Revolution, R&D and having the finance the capital to facilitate projects.
Talking about the past years, he underlined three successes of the Indian economy. First, economic and the financial liberalisation of 1990s, which paved the way for the private companies, assets management companies and later even insurance companies. This laid the foundation of the financial conglomerates in India. “The second standout for me is the coming together of the JAM trinity (Jan Dhan-Aadhaar-Mobile). The large scale of Jan Dhan accounts, Aadhaar and mobile has pushed financial inclusion.”
Thirdly, it is the UPS (unified payments system), or UPI (unified payments interface). “It not only showcased to the world our IT capability but also revolutionised the payments industry.”
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