Stable govt, global economy can help India grow 10%: Hinduja

Tags: News
Ahead of the election results, leading industrialist Gopichand Hinduja has said a clear majority for the BJP's Narendra Modi will provide a stable government that can bring the economy back to a high-growth trajectory.

"It is very important that he (Modi) gets a majority so that there is a stable government, at least with his allies who are not looking to their greed, but are in alignment to see how the economic growth comes and good governance comes," the Hinduja Group Co-Chairman told CNN.

Exit polls indicate the BJP-led National Democratic Alliance under Modi will form the next government after votes are counted on May 16. Hinduja, who is also Chairman of Hinduja Automotive Ltd, said the United Progressive Alliance got negative reviews because of its governance record.

He said it was "not easy" to bring in good governance.

"The whole system has to be changed," he said. "And I think it takes a lot of effort and we cannot expect the 10 per cent growth to come the next day.

"But, definitely within two to three years if there is a stable government and if good governance is there, 7-8 per cent (growth) is achievable. And if the global economy is also favourable, then the potentiality for 10 per cent growth is there," he said.

The head of the over $ 25 billion group said to achieve growth, good governance was necessary.

"Investors want to jump in. Unfortunately, because of not having good governance, there has been a setback," he said.

Stressing that tackling corruption is part of governance, Hinduja said any government will have to address the issue.

"Definitely this (corruption) is part of governance. Whichever government comes into ruling will have to address this and it is not only in India, it's in many parts of the world.

"But, India has so many other factors to be proud of and I am sure they will be able to take care of this (corruption) once a stable government is there," he added.

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