From policy paralysis, we have now gone into 'supercharged mode': Aditya Puri

NEW DELHI: Calling the government's initiative to introduce several economic reforms as a beginning, Aditya Puri, MD & CEO of HDFC Bank told ET Now that from ' policy paralysis' we have now gone into a 'supercharged mode'.

Expressing happiness over the government's bold moves, Aditya Puri said that the sentiment has changed both globally and in India. "I think the government is taking very bold decisions. They are taking these in the face of substantial opposition, my own view it is very good for the country," he said.

With banks cutting deposit rates across the board, Puri sees the interest rates in the economy heading downward. Admitting that costs are going down in the market, Puri said that the bank may look at cutting rates.

Meanwhile, Congress on Tuesday fully endorsed government's new economic reform measures, including FDI in multi-brand retail, as party president Sonia Gandhi ruled out any threat to the government.

The endorsement came at the first meeting of the Congress Working Committee (CWC) after Trinamool Congress walked out of UPA with the party president saying the government was "stable".

At the same time, there was a demand in the meeting for steps to allay apprehensions of people regarding the new economic reform measures initiated by the government at a time when elections are due in some states in the next few months.

Prime Minister's Office has drawn up a list of reforms that can be implemented by the executive and will have the effect of unlocking investments and removing hurdles for expansion of projects.

The government has selected four areas - finance, infrastructure, energy and industry - to show that "it means business", a top bureaucrat involved in the decision-making process said.