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PM had ‘lucky 9 months’ with fall in oil price, nothing changed on ground in nine month: Deepak Parekh

Parekh has always been vocal with his views on reform and policy measures taken by the various govt's.

By: Press Trust of India | Mumbai |
Updated: February 18, 2015 10:11:00 pm
Parekh has always been vocal with his views on reform and policy measures taken by the various govt's. (Source: Reuters) Parekh has always been vocal with his views on reform and policy measures taken by the various govt’s. (Source: Reuters)

Pitching for relaxing “administrative controls” to improve ease of doing business, top industry leader Deepak Parekh has said that impatience has begun creeping in among businessmen as nothing has changed on ground in first nine months of the Narendra Modi government.

He said the industry is still optimistic about the changes it expects from the Modi government, but optimism is not translating into revenues and there has been little improvement on ‘ease of doing business’ front so far.

Parekh, who is known as a guiding voice of the Indian industry and has been on a number of key government panels on various policy and reform matters, further said that ‘Make in India’ can’t succeed unless it is made easier for people to do business here and the decisions are fast-tracked.

“I think there is still a lot of optimism among the people of the country and among the industrialists and entrepreneurs that the Modi government will be good for business, for progress, for reducing corruption. They think this government means business on all these fronts.

“However, after nine months, there is a little bit of impatience creeping in as to why no changes are happening and why this is taking so long having effect on the ground.

“The optimism is there but it is not translating into revenues. Any industry you see, when there is a lot of optimism, the growth should be faster,” Parekh said in an interview.

Parekh, an eminent banker and Chairman of financial services giant HDFC, has always been very vocal with his views on reform and policy measures taken by the various governments over the past three decades.

He was among the first industry leaders to openly criticise the previous UPA Government for “policy paralysis” after a spate of scams led to decisions getting delayed within the government and business began getting hurt.

“The thing is that our Prime Minister had a lucky period in these nine months. The world commodity prices are at all-time low which help India the most,” Parekh said. Stating that India is again at a position when everyone is looking at it with high hopes, he said, “I don’t see ease of
doing business changing so far.”

Parekh cited the example of delay faced by his own group’s HDFC Bank, the country’s top private sector lender, with regard to approvals required for raising of funds, including from overseas.

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