Better days ahead for Indian economy: Prakash P Hinduja

INDORE: Noted businessman Prakash P Hinduja today said better days are ahead for downturn-hit Indian economy and called for providing impetus to the agriculture sector to expand growth in rural areas.

"It is a historical fact that after a bad period, good time comes and in my opinion in the days to come there will be a lot of possibilities for a positive change in India's economic scenario," Prakash P Hinduja, Chairman, Hinduja Group of Companies (Europe), told reporters here.

Hinduja is here to take part in International Sindhi Conference.

Indian economy is battling a slowdown in growth and high inflation. After establishing itself as one of the world's fastest-growing economies five years ago, India's GDP grew 5 per cent in 2012-13, its lowest rate in a decade.

He suggested giving industry status to agriculture as such a step will help the key sector attract large-scale investment. "India should focus on agriculture and rural areas. Agriculture should get the status of an industry."

Hinduja said if government extends full support to farmers, rural economy will see good growth.

In the last 10 years, a lot of progress has been made by States like Madhya Pradesh, Gujarat and some others. This indicates Indian citizens, on the strength of their knowledge and education, are taking the country on path of progress, the NRI businessman maintained.

"In the days to come, the Indian economy will see its golden period."

To a question on weak global growth, Hinduja said most leading economies are facing problems, be it Europe, America or China.

They are unable to find a way out of the current situation, but things are likely to improve soon, he said. "One has to be patient. Things will not change in a day."

Hinduja said "the world is looking at India with a lot of hope." Citing the example of IT, he said in US, Britain and other countries people are impressed by Indian professionals' knowledge in the sector.