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

How much time do you spend talking on phone?

How much time do Indians spend talking on phone? It is on average 761 minutes per month, according to a new report from the Telecom Regulatory Authority of India (TRAI). The telecom regulator released its report, titled ‘The Indian Telecom Services Performance Indicators: July-Septemb

“Developing public health infrastructure key to sustainable healthcare for all”

Renowned cardiologist Dr Ramakanta Panda has said that the pandemic has exposed the inadequacy of existing healthcare systems and it is wrong to draw comparisons with Korea, a country with the population equal to that of a single Indian state. While speaking to Kailashnath Adhikari, MD, Gove

SC-appointed panel on farm laws holds first meet

The committee of experts appointed by the supreme court to deliberate with the stakeholders on the new farm laws held its first meeting here Tuesday, with one of its members saying that all stakeholders, including individual farmers, will be heard. Hearing a petition on the farm laws enacted

India’s glitch-free vaccination gathers pace

The nationwide vaccination campaign launched Saturday, the largest such exercise in the world, has started setting new benchmarks, with vaccines administered to 2,24,301 beneficiaries in the first two days. “India has vaccinated the highest number of persons on Day1 under its COVID19 v

Maharashtra to spend Rs 2,500 crore to augment, develop power infrastructure

The Maharashtra government has announced a spending of Rs 2,500 crore annually to develop infrastructure of state-owned distribution company Mahavitaran (MSEDCL).   Out of the total amount, Rs 1,500 crore will be spent on energisation of conventional agriculture pumps and Rs 1,000 crore

Launched: Largest vaccination drive in history

India on Saturday began the massive vaccination drive against Covid-19, as prime minister Narendra Modi paid tributes the ‘corona warriors’. “Such a vaccination drive at such a massive scale was never conducted in history. There are over 100 countries having less than 3 cro

Visionary Talk with Dr Ramakanta Panda, VC & MD Asian Heart Institute





Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter