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| New govt must focus on plans to sustain 9% GDP growth: Hinduja | |
| Press Trust of India / London May 17, 2009, 12:56 IST | |
Outlining the agenda for the new UPA-led government in India, noted NRI entrepreneur Srichand P Hinduja has suggested a series of measures, including short and long-term, to provide investment opportunities of at least $1 trillion to sustain an economic growth of minimum 9 per cent despite the global slowdown.
Congratulating Prime Minister Manmohan Singh on the resounding victory of the Congress-led UPA alliance in the Lok Sabha polls, Hinduja, Chairman of the Hinduja Group, said it was an "encouraging mandate" for its hard work to meet the daily needs of the "aam-aadmi."
"The people of India have overwhelmingly recognised the sincerity and hard work of the Congress Party led by Sonia Gandhi and Prime Minister Manmohan Singh's government in meeting the daily needs of the 'aam-aadmi'," S P Hinduja and G P Hinduja, Chairman and President respectively of the Hinduja Group, said in a statement here.
In an article in the well-known American business magazine 'Forbes', published ahead of the Lok Sabha elections, S P Hinduja made some suggestions for the new Indian government in the national economic and political interest.
He pointed out that though the world was plagued by the sudden global slowdown, he was confident that there was an "abundance of opportunities" for the next government in India. "It (the new government) should use the moment to provide an environment conducive to the development of physical and social infrastructure in rural and semi-urban areas, where two-thirds of the nation's population live," S P Hinduja said in the article.
Amid the crisis, the government should focus on reviving the economy, he said.
In addition to mega-infrastructural projects, which have a long incubation period, financial resources can be directed — for more immediate results — to smaller projects such as feeder roads, in addition to major highways, modest and alternative energy projects, development of water resources, and an expansion of educational and health facilities.
"The objective should be to provide Indians with the basic infrastructure needed to live a normal, dignified life," he said, adding that it would be a good model for other emerging markets.
It will lead to the creation of fast demand, new employment and consequently a new consumer market share, which will revive economic growth. Developed countries will benefit through re-employment and the winning of project and technology export contracts, Hinduja said.
"A renewed focus on infrastructure — which would provide investment opportunities of at least $1 trillion — will lead to more business opportunities in India for the developed world and sustain an economic growth of at least 9 per cent per annum," he said in his article.Hinduja also pointed out that one of the ways to boost infrastructural growth would be to regularise systems for making India's unaccountable economy accountable.
"All political parties have been campaigning to bring back the billions of dollars of Indian money siphoned away to Swiss banks. After the election, the new government should implement policies through which the unaccountable economy is reviewed and regularised," he said in the article.
"The money of Indians siphoned away abroad should be regularised, rather than wasting time in harassing, setting up investigations, raids and criminalisation," he wrote.
Proper systems need to be introduced to make this money accountable, so it can be used for the country's economic and infrastructural growth, Hinduja said.
He also pointed out that electoral reforms should be amended to regularise party funds so as to make them transparent and accountable. "Money is otherwise misused for horse trading during every election — and for defections after," he said in the article.
"It is high time that politicians in power realise that only through all-inclusive economic growth can the evils of poverty and conflict be eliminated, and social equality and development ensured," he said. On the key issue of security, Hinduja wrote that whichever coalition party assumed power, it had to formulate and implement policies for economic growth and robust internal and external security measures.
"India has to grow stronger not just economically, but in its defence and security capabilities. Unless this happens, we cannot expect India to become a respected global power on par with the big powers," he said.
"Today, security threats come from extremist, fundamentalist groups. These are religion or ideology-based, like the Maoists. Threats should be dealt with firmly in a non-discriminatory manner," he suggested in the article.
Hinduja firmly believed that the implementation of the strategy plans outlined by him will reduce poverty and conflicts, and will create a better environment and understanding.
"It will reduce corruption and other evil systems. And—as the best incentive of all to governing politicians — it will be likely to guarantee their re-election," the leading NRI businessman said.
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