We still scan the skies for rain like our forefathers: Anand Mahindra

MUMBAI: Calling for "monsoon-proofing" of the economy to ensure steady growth, Mahindra Group Chairman Anand Mahindra today lamented that Indians scan the skies for rains anxiously even in the second decade of 21st century as their forefathers did two centuries ago.

While stating that the passing of the landmark GST Bill will "unleash the 'caged tiger' - India's huge common market" -- and private investment will make a comeback as economic recovery strengthens, he, however, said, "it's too early to celebrate".

"The one fear that keeps me up at night is that once things look up, we will become complacent. And, as a result, we will always be hostage to the next round of failed monsoons. Even today, in the second decade of the twenty first century, we scan the skies each year as anxiously as our forefathers did, two centuries ago," Mahindra said while addressing the company's AGM here.

He further said: "Every failed monsoon takes us one step forward two steps back. To me, monsoon proofing our economy is crucial if we are to continue to move steadily forward."

Appreciating the government's steps to address the issue, he said the Centre, which has targeted to bring 2.85 million hectares under irrigation through the flagship Pradhan Mantri Krishi Sinchayi Yojana scheme in 2016-17, has made irrigation and drought-proofing a priority.

"Rs 86,500 crore will be spent over the next five years on the Accelerated Irrigation Benefits Programme. But our goal has to be even more ambitious than that," he said.

"We must aim for complete Swaraj from the volatility of the monsoons. Rainwater harvesting. Water conservation. More crop per drop. Maximisation of irrigation efficiency and water productivity. Eliminating water theft," Mahindra added.

Reiterating that it is a battle that needs to be fought on many fronts, he said, "Monsoon proofing ourselves is a vital foundation for the nation's future growth".

Stating that India is turning the corner even though things appear gridlocked in the rest of the world, Mahindra hailed the government for "doing the right things" and said reforms have been proceeding in a measured fashion.

"In 1991, a new liberalised India was born. I believe 2016 will propel India to reach its true potential," he said.

After the sweeping FDI reforms in June, Mahindra said, "The Rajya Sabha passed the landmark GST Bill last week, which I truly believe will unleash the 'caged tiger' - India's huge common market - which for inexplicable reasons, we had kept divided.

"As the recovery strengthens, I am optimistic that private investment, which is lagging today, will make a comeback, and we will soon have an environment that encourages the joys of risk taking. It is a time for the return of optimism."