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By Tarunkumar Singhal, Raman Jokhakar, Chartered Accountants
Reading Time 2 mins
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Talk about India’s glorious long-term future is, these days, as commonplace as India’s glorious past long ago. And as trite. That is one reason why the ET Awards jury’s discussion of India’s future prospects last week struck a refreshing note. Jury members saw not just the glass spilling over in the future but also filling up fast in the current year. Tafe chairman and CEO Mallika Srinivasan is very clued into agriculture, as you would expect a manufacturer of heavy-duty tractors to be, and points out that the extra-bountiful south-western monsoon would drive up economic growth this fiscal, both by pushing up farm output and by generating rural demand for a variety of industrial produce.
ICICI Bank chairman K V Kamath concurs, and expects accelerated project clearance by the government finally bringing some life to the comatose infrastructure sector. HDFC Bank managing director Aditya Puri sees the current gloom as being overdone. While he is in favour of taking measures to counter what he called dumping of artificially cheap manufactured goods in India by China, Deutsche Bank co-CEO Anshu Jain defended the benefits of free trade.
We endorse his call for using the crisis on the external front and slowdown in economic growth to concentrate on fixing long-term structural problems. But we also see that this calls for bipartisan cooperation, whether to introduce a goods and services tax or scrap the law that institutionalises middleman control over marketing agricultural produce, a major source of food inflation.
Unilever COO Harish Manwani was in a good position to underline global faith in the Indian economy, in the wake of his company’s INR300-billion open offer to increase its stake in the Indian subsidiary. Sequoia Capital MD Shailendra Singh attested to continuing vigour in startups and entrepreneurship. His optimism on technology absorption was not just echoed by Unique Identity Authority chairman Nandan Nilekani but amplified by him to posit digital inclusion leading to a quantum leap in productivity and growth. We agree, emphatically. (Source: The Economic Times dated 24-09-2013)
