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Last Updated : Aug 28, 2012 11:39 AM IST | Source: CNBC-TV18

India will grow despite government: Deepak Parekh

Deepak Parekh, chairman, HDFC told CNBC-TV18 that he was disappointed with Parliament where instead of debate and discussion on essential bills, the sessions were full of disruption.

"I am a little disappointed with the manner that Parliament is functioning. You can expect a debate and a discussion in a democracy, but what we are seeing is disruption and dislocation. We are losing time and these essential bills need to be passed," Deepak Parekh, chairman, HDFC  told CNBC-TV18.

On the government's inability to raise diesel prices, Parekh said, "I think we need to give finance minister Chidambaram a month after Parliament to see if he is able to initiate the hike. If he is not successful in reducing deficit, increasing prices or reducing subsidies then I think, we have no other option. But you can't continue to govern like this. All the  economic indicators will all go crazy and you will be downgraded for sure."

Parekh commented that the government was rendered helpless by the attitude and behaviour of some of the coalition partners. "Even if six-to-ten members of the coalition hold the country to ransom and bring all new initiatives to a halt, India will grow despite the government. We can come back maybe not to 9% or 10%, but at least to 7%."

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First Published on Aug 27, 2012 05:25 pm
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