Deepak Parekh slams govt for talking and not acting

Industry still optimistic but impatience is strong sentiment, feels HDFC chief

GN Bureau | February 18, 2015


#narendra modi   #budget   #government   #industry   #labour   #manufacturing   #oil   #deepak parekh  

Chairman of HDFC Deepak Parekh, who has been praising and warning Modi government during the last few months, has come out in strong terms against the administration as India gets into budget season.

He told a news agency on Wednesday that there have been no improvements on ease of doing business in the country despite the government's promise.

Prime minister Narendra Modi had 'lucky 9-months' with fall in oil price but no change on ground and no improvement on ease of doing business, Parekh said, expressing the sentiments of the business community.

Parekh said the industry was still optimistic, but impatience is creeping in as optimism is not translating into revenue.

Last week, he had asked the government to weed out corruption and had said that shell companies were being used for paying bribes and 'speed money' remains a challenge for corporates.

"Speed money facilitates routine transactions and services, except they get delivered faster. So rampant is this practice that many chiefs have called for a legalisation of 'facilitation payments'. I don't agree with this. It still remains a bribe," Parekh had said at a CII seminar.

Sectors like infrastructure, realty, metals & mining, defence, power and utilities are more prone to corruption, he said.

"While the government has firmly declared its intent to improve the ease of doing business, it needs to focus its efforts equally on weeding out corruption," Parekh said.

Similarly, last year in an interview to a business newspaper Parekh had said ‘Make in India’ is a good idea, as it is aimed at boosting manufacturing. “But it will remain on paper if you continue to have difficulty in getting land and labour.

“We need to liberalise land acquisition and labour laws. The prime minister is saying everywhere that he will make doing business easy. The ease of doing businesses involves infrastructure, land and labour. The PM is also talking about single-window clearance for projects; all these ideas need to be implemented now.”

Comments

 

Other News

On A Personal note with musician Apache Indian

Renowned British singer, songwriter and reggae DJ, Apache Indian (originally known as Steven Kapoor) shot to fame with his style of music which came to be known as bhangramuffin (also called bhangragga) – a mix of bhangra, reggaemuffin and traditional dance hall in the early 1990s. His style changed

Traffic fines: Find the sweet spot between penalty and self-goal

When close to five lakh people are killed in road accidents every year in India, road transport minister Nitin Gadkari should have been complimented on his not-so-populist move to impose higher fines for traffic violations. Instead, many people are unhappy and several states – mostly ruled by the BJP

A unique project gives new life to a chaotic Mumbai fishing village

Traditional fishermen or Kolis; synonymous with feasting, song and dance; are the original inhabitants of Mumbai. For generations, they have loved their vocation and prided in it. But their work and lifestyle are facing threats from reclamation, land acquisition by builders, lack of sustainable fishing pra

Modi pledges higher target for degraded land restoration

Addressing the Conference of Parties (COP14) to the United Nations Convention to Combat Desertification (UNCCD), Prime Minister Narendra Modi on Monday announced that India would raise its target of the total area that would be restored from its land degradation status from 21 million hectares to 26 millio

How to enhance water security and also increase agri productivity

Scheduling irrigation, constructive use of water, proper crop selection and utilising modern irrigation technologies will help enhance water security while also ensuring a high agricultural productivity, says T. Mohapatra, director general of the Indian Council of Agricultural Research (ICAR).



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter