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Deepak Parekh Signals India Inc's Impatience, Says PM Modi Has Had 'Lucky 9 Months'

Guynextdoor2

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Though I'm out of the forum, this is one news I didn't want to get whitewashed. India's most eminent Banker thinks Modi is hogwash and puff. Enjoy Bhakts. the Emperor has no clothes. He's just been cruising on global trends, visiting Japan, Amreeka etc. NRI PM is not doing any work, only dressing like peacock and attending Madison Square etc.


Deepak Parekh Signals India Incs Impatience, Says PM Modi Has Had Lucky 9 Months - NDTVProfit.com


HDFC chairman Deepak Parekh has signalled that Industry is getting impatient and wants results from the Narendra Modi government.
Prime Minister Modi, he said, has had a "lucky nine months" with the fall in oil prices, but there has been no change on ground and no improvement on ease of doing business.
"After nine months, there is a little bit of impatience creeping in as to why no changes are happening and why this is taking so long having effect on the ground," Mr Parekh, who is a leading industry voice, told PTI on Wednesday.
The dramatic fall in global oil prices resulted in a sharp fall in inflation and narrowed India's trade deficit to an 11-month low, easing the fiscal pressure on the government. But there has been no improvement in the country's investment climate, necessary to kick-start growth.
A lack of demand in the economy has weighed on corporate earnings; the country's largest companies have reported a fall in profits for the third straight quarter ending December, which means that companies have disappointed each quarter since PM Modi was elected in May last year.
Mr Parekh said the optimism about the Modi government is not translating into revenues and there has been little improvement on 'ease of doing business' front so far.
The World Bank had last year ranked India a poor 142nd out of 189 countries for ease of doing business. PM Modi has pledged to bring India to the top 50 soon.
In a pointed message to the government, Mr Parekh, 70, cited the example of delay faced by his own group's HDFC Bank with regard to approvals required for raising of funds. The mortgage lender had earlier this month raised Rs 10,000 crore to provide for an expected acceleration in Indian credit growth.
The lack of change in ground realities has been signaled by other industry leaders too. Earlier this month, R. Shankar Raman, CFO of L&T said, "India Inc, while it continues to be aspiring, is still on the wait and watch mode, waiting for these (government) policies to become sustainable businesses opportunities."
The veteran banker added that PM Modi's ambition "Make in India" initiative cannot succeed unless it is made easier for people to do business here and the decisions are fast-tracked.

@Bang Galore @SwAggeR @SarthakGanguly
 
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Modi changed the way of calculation which has once again proven that Man Mohan singh govt has maintained a growth rate of above 6%.

though pandits will disagree with me
 
Though I'm out of the forum, this is one news I didn't want to get whitewashed. India's most eminent Banker thinks Modi is hogwash and puff. Enjoy Bhakts. the Emperor has no clothes. He's just been cruising on global trends, visiting Japan, Amreeka etc. NRI PM is not doing any work, only dressing like peacock and attending Madison Square etc.


Deepak Parekh Signals India Incs Impatience, Says PM Modi Has Had Lucky 9 Months - NDTVProfit.com


HDFC chairman Deepak Parekh has signalled that Industry is getting impatient and wants results from the Narendra Modi government.
Prime Minister Modi, he said, has had a "lucky nine months" with the fall in oil prices, but there has been no change on ground and no improvement on ease of doing business.
"After nine months, there is a little bit of impatience creeping in as to why no changes are happening and why this is taking so long having effect on the ground," Mr Parekh, who is a leading industry voice, told PTI on Wednesday.
The dramatic fall in global oil prices resulted in a sharp fall in inflation and narrowed India's trade deficit to an 11-month low, easing the fiscal pressure on the government. But there has been no improvement in the country's investment climate, necessary to kick-start growth.
A lack of demand in the economy has weighed on corporate earnings; the country's largest companies have reported a fall in profits for the third straight quarter ending December, which means that companies have disappointed each quarter since PM Modi was elected in May last year.
Mr Parekh said the optimism about the Modi government is not translating into revenues and there has been little improvement on 'ease of doing business' front so far.
The World Bank had last year ranked India a poor 142nd out of 189 countries for ease of doing business. PM Modi has pledged to bring India to the top 50 soon.
In a pointed message to the government, Mr Parekh, 70, cited the example of delay faced by his own group's HDFC Bank with regard to approvals required for raising of funds. The mortgage lender had earlier this month raised Rs 10,000 crore to provide for an expected acceleration in Indian credit growth.
The lack of change in ground realities has been signaled by other industry leaders too. Earlier this month, R. Shankar Raman, CFO of L&T said, "India Inc, while it continues to be aspiring, is still on the wait and watch mode, waiting for these (government) policies to become sustainable businesses opportunities."
The veteran banker added that PM Modi's ambition "Make in India" initiative cannot succeed unless it is made easier for people to do business here and the decisions are fast-tracked.

Post reported for fictitious thread title. :) @waz @Jungibaaz @Oscar
"Parekh: Modi has done zero for Economy"

On topic, which is about the 'ease of doing business in India', certain steps have been taken including the land bill, but state governments' cooperation is needed for effective implementation of all policies. And about the bureaucratic delays, central govt. departments are being shaken up, state govts. need to do the same.
 
Post reported for fictitious thread title. :) @waz @Jungibaaz @Oscar

On topic, which is about the 'ease of doing business in India', certain steps have been taken including the land bill, but state governments' cooperation is needed for effective implementation of all policies. And about the bureaucratic delays, central govt. departments are being shaken up, state govts. need to do the same.

Ease of business is the single most important problem in India. in any case that comment came later. he is talking generally:

"After nine months, there is a little bit of impatience creeping in as to why no changes are happening and why this is taking so long having effect on the ground," Mr Parekh, who is a leading industry voice, told PTI on Wednesday

The lack of change in ground realities has been signaled by other industry leaders too. Earlier this month, R. Shankar Raman, CFO of L&T said, "India Inc, while it continues to be aspiring, is still on the wait and watch mode, waiting for these (government) policies to become sustainable businesses opportunities."

You'r whitewashing is looking increasingly silly. No one has any confidence in him anymore.
 
And this is a good thing you think? I've seen similar comments especially by modi bhakts. You really think this is a great thing?
NO the good thing should have been providing them for free with first come first serve basis, depriving states( mostly poor) from capital for development and send some lawyer minister to explain how this improves economy, energy sector with no loss.Not sure about the name calling ,though lot of options.
 
NO the good thing should have been providing them for free with first come first serve basis, depriving states( mostly poor) from capital for development and send some lawyer minister to explain how this improves economy, energy sector with no loss.Not sure about the name calling though lot of options.

So you're suggesting this is a good thing? You're suggesting 7 lakh crore being paid to government by Reliance and other companies and such and so it is a good thing. is that what you are implying?
 
Post reported for fictitious thread title. :) @waz @Jungibaaz @Oscar
"Parekh: Modi has done zero for Economy"

On topic, which is about the 'ease of doing business in India', certain steps have been taken including the land bill, but state governments' cooperation is needed for effective implementation of all policies. And about the bureaucratic delays, central govt. departments are being shaken up, state govts. need to do the same.
Spot on! The CMs of state governments are even hesitant to introduce GST which will be a game changer resulting in an additional 1.5 to 2% to the GDP. They think revenue to their states would be lost and thus doling out freebies for political gain will be a thing of the past. Bloody idiots!
 
So you're suggesting this is a good thing? You're suggesting 7 lakh crore being paid to government by Reliance and other companies and such and so it is a good thing. is that what you are implying?
coal block allocations will provide capital for underdeveloped states,reduces our dependency on imported coal,improves energy sector,brings policy clarity.Its not privatization Coal India is safe.
 
coal block allocations will provide capital for underdeveloped states,reduces our dependency on imported coal,improves energy sector,brings policy clarity.Its not privatization Coal India is safe.

Yeah, problem is that these astronomical sums you're quoting, not one penny will be paid by Reliance or any other company. They will retrieve all from consumers- the more they bid, the more we pay. It's as simple as that. There is a reason why certain commodities- 1G spectrum, certain blocks of coal etc. need to be kept out of auctioning, especially when a country lacks basic electrification. In any case, at least if we were sure that the money is going to be used for public good we could have accommodated it. With modi ignoring corruption, you can expect much of it wasted/ divided between the higher ups as personal property.
 

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