$5 trillion economy by 2024 is possible but shed British-style bureaucracy, move faster: Gopichand Hinduja to Modi govt

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Updated: December 17, 2019 10:08:09 PM

"USD 5 trillion economy is an achievable target. The initiatives taken by Modi are great and his vision is excellent but his team has to be fast," Hinduja said.

usd 5 trillion,  British style bureaucracy, Gopichand Hinduja, indian economy, india gdp growth, Gopichand Hinduja economyGopichand Hinduja said PM Modi-led government needs to shed the British style of bureaucracy to move faster. (Reuters)

Hinduja Group co-chairman Gopichand Hinduja on Tuesday said that while the USD 5 trillion target of 2024 is achievable, Prime Minister Narendra Modi-led government needs to shed the British style of bureaucracy to move faster. The industry veteran also said that the company has been willing to invest more than USD 20 billion in India, but it wants the obstacles to be removed and provide ease of doing business.

“USD 5 trillion economy is an achievable target. The initiatives taken by Modi are great and his vision is excellent but his team has to be fast,” Hinduja said at the India economic conclave 2019. He noted that the British style of bureaucracy still exists in India, while Britain has already modified their bureaucracy.

“The first step we have to see is how our bureaucracy will be modified. Some 6-7 years back, we wanted to invest USD 20 billion more in India. When we started getting in, we could see so many obstacles and was not easy to do business. But when Modi announced the initiative of ease of doing business, we thought things will change. But the speed of change should be faster,” he said.

Hinduja further said his company would love to invest more and more in the country because India has the maximum opportunities to invest from all over the world. “Our only expectation is that the government should honour what it has committed,” he added.

Speaking at the event, Hinduja Group of Companies chairman Ashok Hinduja noted that system processes need to change. “There is a lot of criticism from SME and corporate sector about the fear and psyche, but I think this has to be there. We have to change the seven-decade-old system processes and there has to be a stick approach and we need more transparency. But at the same time, there should be a limit to it and everything cannot be criminalised,” he added.

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