Economy in relatively good shape, says Mastercard's Banga

The financial services giant MasterCard's Chief Executive, Ajay Banga, here today said that the Indian economy is in a good shape and people should have some patience.
"I think the Indian economy is actually and relatively in a good shape. If you look around the world, there are very few economies that are growing...And the way the Indian economy is growing. I think the impetus behind this economy is the strong one," Banga told reporters here today on the sidelines on Indian Institute of Management, Ahmedabad's 50th convocation ceremony.
"What the Prime minister told us to do is create jobs to increase the quality of life of the people here and he is doing that by focusing on manufacturing, that is Make in India, tourism and infrastructure plan.

"We got lots of momentum, foreign investors are coming in, domestic mood has also improved," Banga, recently appointed as member of the Advisory Committee for Trade Policy and Negotiations in the US, said.
"Although...I would caution everybody that do not be in a hurry. These things do not change in three months or six months. You must have patience...Government must have the sense of urgency and people must have the sense of patience."
Asked about the ordinance route chosen by the Narendra Modi government to enact certain laws, Banga said, "If you look at the ordinance, it has worked, the insurance reform was not passed in Parliament for a long time, it has got passed and the coal and mining reform (bills) have got passed."

On the land reform bill, Banga, the chairman of US India Business Council, said it will also benefit the rural areas.