Narendra Modi has fire in belly, but PM’s team lacks pace, says Gopichand Hinduja
India’s Finance Minister Arun Jaitley has encouraged the private sector to expedite its growth, as the country caps inflation due to surplus monsoon and agriculture production.
“India is maintaining a respectable growth and the pace of public investment has picked up”, said Jaitley at the inaugural function of the two-day Global Investors Summit (GIS) recently. The event was graced with the presence of a number of prominent personalities like Gopichand Hinduja, the co-chairman of Hinduja Group, Anil Ambani, Kumar Manglam Birla, and Dilip Sanghani among others.
Highlighting the prevailing conditions of India, Gopichand Hinduja stated that the pace of growth was leaving much to be desired. “Normally the industry is ahead of the government, but we are waiting for your pace to pick up,” said Arun Jaitley in response to Hinduja’s lament.
Gopichand Hinduja appreciated the efforts of the Prime Minister Narendra Modi and called him an excellent PM who had fire in his belly. However, he added that his team lacked pace to implement his vision.
Emphasizing on the double-digit growth achieved under Madhya Pradesh Chief Minister Shivraj Singh Chouhan, the Finance Minister said Madhya Pradesh’s best was yet to come. Jaitley further highlighted that the state had several historical disadvantages and was one of the BIMARU states with abysmal roads, lack of electricity and lack of water before it turned itself around in the last 13 years of the BJP rule.
“The same historical disadvantage will put the state in an advantageous position once the GST rolls out because of the state’s strategic location. India will become one market and the seamless flow will necessitate creation of supply chain and Madhya Pradesh is the best place. It can supply goods in all four directions,” said the finance minister.
According to Jaitley, achieving more than 20 per cent growth in agriculture was the turning point in Madhya Pradesh’s history. “Such double-digit agriculture growth ensures repeated election of chief ministers because it increases the level of social satisfaction,” said Jaitley. He further added, “MP has decisive leadership, business-friendly policies and a strong consumer base.”
It is the fifth Global Investors’ Summit meet in Indore, which has witnessed an increase in the number of investors and participating countries over the years.
Talking about the issues and difficulties ahead of the first summit, chief minister Shivraj Singh Chouhan said, “They used to ask where MP is.”
The current summit had investors from 42 countries, highlighted Chouhan, who will complete 11 years in the office next month. He further stated that the state was power surplus, had a phenomenal agriculture growth rate and has land bank of 1.25 lakh acre. As a matter of fact, projects worth Rs 2.75 lakh crore have materialized, out of the total investment committed in the year 2014. Around 175 food processing units and 92 renewable energy units have started working in the last two years. The names of the units which started working in the last two years were also reeled off by Chouhan.
He further highlighted that 300 services have been brought under the purview of public Services Guarantee Act in the state. Based on the ease of doing business parameter, MP has been ranked as one of the five top states.
According to Anil Ambani, the ADAG chairman, who has attended all five investor meets in MP, the industries were spoilt for choice with several states wooing them. He appreciated Chohan and stated that the same can’t be said about leadership.
It is imperative for the government to spell out the policies upfront rather than being vague and expedite their pace of implementation.
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