HDFC Chairman Deepak Parekh on Monday said India’s economy is showing immense growth potential with a strong leadership at the top bringing in key reforms.
“India has never been in a stronger position than today from a macro-economic perspective. The country is demonstrating an immense growth potential helped by a strong leadership at the helm, driving key policy changes,” said Parekh who was speaking at a risk summit organised by Confederation of Indian Industry (CII) in Mumbai.
Parekh said the country stands out well in comparison to its global peers with an expected GDP of above 7.5 per cent.
“We in India hold a key advantage by being a major economy with tremendous growth potential,” he added. Parekh also said that the present government has weeded out large-scale corruption in the country. He said the pace of development in waterways, ports airports and smart cities has picked up and the e-auctions of government tenders and bidding process are the biggest mark of credibility which the country has today.
Parekh said while the private sector capex has continued to be slow, a strong public sector spending on infrastructure has lent the much needed support. Parekh added that India has benefited tremendously from lower crude oil prices. “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,” said Parekh.
On risk management of Indian companies Parekh said the concept of risk management has to be driven across the entire organisation and it has to percolate down to all levels. “Risk management cannot be the sole responsibility of the board of directors. There has to be an orientation and culture of risk mitigation in every action of all employees. This sensitisation comes when employees feel empowered and responsible for the work areas. Risk management is a collective responsibility …” said Parekh.