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People must have patience, govt has sense of urgency: Ajay Banga

The MasterCard CEO says the Indian economy is in good shape

BS Reporter  |  Ahmedabad 

(From Left) Ashish Nanda, director of IIM-A; Ajay Banga, president & CEO, MasterCard and AM Naik, chairman, board of governors of IIM-A during the 50th annual convocation of the premier B-school in Ahmedabad. (Photo: Yasin D)

Commending the Prime Minister Narendra Modi's government for exhibiting sense of urgency through efforts in forms of ordinances, Ajay Banga, president and chief executive officer of MasterCard said here on Saturday that people should have patience. Speaking on the sidelines of the 50th convocation of the Indian Institute of Management, Ahmedabad (IIM-A), Banga said that the Modi government has gotten momentum.

"The economy is in good shape. The impetus behind Indian economy is a strong one. What the Prime Minister has set out to do is create more number of jobs through focus on manufacturing i.e. Make in India. He has got lot of momentum. Foreign investments are coming in," Banga said. However, Banga cautioned people “to not be in a hurry”.

"These things don't change in three months or six months. You must have patience. Insurance reforms has got passed. Coal and mining reforms has got passed even when nobody thought it would get through in Rajya Sabha, it did happen. People must have patience, the government has a sense of urgency," he added. Seconding finance minister Arun Jaitley on rural areas benefiting from the land acquisition bill, Banga said, "If you are going to create industrial corridors those will benefit the rural areas through jobs, property development.

You have to do it the right way. It is not easy. But I think this government is very focused on trying to put that through." Earlier in his convocation address, Banga encouraged the graduating batch of 2015 to seek leadership attributes of sense of urgency, sense of balance, courage, sense of introspection and diversity, among others within themselves.

First Published: Sun, March 22 2015. 20:58 IST