"India is quite capable of attracting an FDI of $100 billion from developed nations for infrastructure growth. But the government should introduce clear and simple procedural norms to make it easier to bring in money", he said in a statement here on Sunday.

He said the forthcoming budget should be investor-friendly and attract funds for infrastructure growth. Advocating a three-pronged strategy called "reforms, reforms and more reforms", Hinduja said the increased flow of foreign investment would lift growth past the 10 per cent level and help bring millions above the poverty line.

According to Hinduja, the developed economies are "readying for a recessionary phase and this is just the right time for India to attract foreign investment". The first set of reforms were needed in the electoral field and the government should swiftly usher in fundamental electoral reforms which would discourage the parallel economy and shrink it, he opined. "This in turn will eliminate political uncertainty, horse-trading of elected candidates and divisiveness created on the basis of caste and religious rhetoric", Hinduja, who is also the chairman of Indusind International Federation, said.

He said donation to political parties should be regulated as per open and transparent norms and accepted as approved expenditure for tax purposes. "After consultations with their regional representatives in the US, Europe and Middle East, I feel that the government should take brave steps to change the investment climate in the country and usher in a free enterprise regime that could dramatically change India's future for the better".

Indian business houses could no more afford to seek protection from the government and have to be strong, independent, forward looking and committed to the highest standards of excellence, he adds.