One silver lining for India is continuing softness in oil prices: Rahul Bajaj

Bajaj Group patriarch Rahul Bajaj on Monday praised the Narendra Modi government for the reform process it has undertaken, saying these initiatives, coupled with good monsoons, are likely to improve domestic demand. 

"I hope that the domestic demand will improve due to this year's good monsoons, reform initiatives of the government and the efforts by various companies," Bajaj said during a speech at the 39th Jamnalal Bajaj Awards. 

Stating that private sector investment, which has been missing for the past couple of years, will pick up when the demand scenario improves, Bajaj said that private sector investment is badly needed to create jobs. 

Bajaj said global economic, political and social situation is likely to continue to be discouraging, with downside headwinds. 

"The one silver lining for India is the continuing softness in oil prices," he added. 

"In the social sphere, one is encouraged by a large number of youth getting involved in trying to solve social issues. The rise of the social entrepreneur, of impact oriented initiatives that are scalable and almost self-supporting, augur well of our future. 

"The corporate social responsibility spending mandated by the government from April 2014 has also played a role in this development," he said. 

Bajaj, however, said that this did not absolve the government of its responsibilities towards provisioning of basic services like health, education and infrastructure. 

On the visit of British Prime Minister Theresa May, Bajaj said he hoped that the talks between the two nations remains successful. 

"This is important for us because after Brexit, our trade with Britain and investment into the island nation would not be same. We were using Britain to go to the European Union which may or may not be possible now. It is important that talks should go well," Bajaj said. 

The Jamnalal Bajaj Awards were given to Mohan Hirabai Hirala for constructive work, BV Nimbkar for application of science and technology for rural development, Nannapaneni Manga Devi for welfare of women and children and to Sheikh Rached Ghannouchi of the Ennahdha Party of Tunisia, for promoting Gandhian values outside the country.