New govt must focus on plans to sustain 9% GDP growth: Hinduja

London, May 17 (PTI) Outlining the agenda for the new
UPA-led government in India, noted Non-Resident Indian (NRI)
entrepreneur Srichand P Hinduja has suggested a series of
measures, including short and long-term, to provide investment
opportunities of at least USD 1 trillion to sustain an
economic growth of minimum 9 per cent despite the global
slowdown.

Congratulating Indian Prime Minister Manmohan Singh on
the resounding victory of the Congress-led UPA alliance in the
Lok Sabha polls, Hinduja, Chairman of the Hinduja Group, said
it was an "encouraging mandate" for its hard work to meet the
daily needs of the "aam-aadmi."

"The people of India have overwhelmingly recognised the
sincerity and hard work of the Congress Party led by Sonia
Gandhi and Prime Minister Manmohan Singh's government in
meeting the daily needs of the 'aam-aadmi'," S P Hinduja and
G P Hinduja, Chairman and President respectively of the
Hinduja Group, said in a statement here.

In an article in the well-known American business
magazine 'Forbes', published ahead of the Lok Sabha elections,
S P Hinduja made some suggestions for the new Indian
government in the national economic and political interest.

He pointed out that though the world was plagued by
the sudden global slowdown, he was confident that there was an
"abundance of opportunities" for the next government in India.

"It (the new government) should use the moment to provide
an environment conducive to the development of physical and
social infrastructure in rural and semi-urban areas, where
two-thirds of the nation's population live," S P Hinduja said
in the article.

Amid the crisis, the government should focus on
reviving the economy, he said.

In addition to mega-infrastructural projects, which have
a long incubation period, financial resources can be directed
-- for more immediate results -- to smaller projects such
as feeder roads, in addition to major highways, modest and
alternative energy projects, development of water resources,
and an expansion of educational and health facilities.

"The objective should be to provide Indians with the
basic infrastructure needed to live a normal, dignified life,"
he said, adding that it would be a good model for other
emerging markets.

It will lead to the creation of fast demand, new
employment and consequently a new consumer market share, which
will revive economic growth. Developed countries will benefit
through re-employment and the winning of project and
technology export contracts, Hinduja said.

"A renewed focus on infrastructure -- which would
provide investment opportunities of at least USD 1 trillion
-- will lead to more business opportunities in India for the
developed world and sustain an economic growth of at least 9
per cent per annum," he said in his article.

Hinduja also pointed out that one of the ways to boost
infrastructural growth would be to regularise systems for
making India's unaccountable economy accountable.

"All political parties have been campaigning to bring
back the billions of dollars of Indian money siphoned away to
Swiss banks. After the election, the new government should
implement policies through which the unaccountable economy is
reviewed and regularised," he said in the article.

"The money of Indians siphoned away abroad should be
regularised, rather than wasting time in harassing, setting up
investigations, raids and criminalisation," he wrote.

Proper systems need to be introduced to make this
money accountable, so it can be used for the country's
economic and infrastructural growth, Hinduja said.

He also pointed out that electoral reforms should be
amended to regularise party funds so as to make them
transparent and accountable. "Money is otherwise misused for
horse trading during every election -- and for defections
after," he said in the article.

"It is high time that politicians in power realise
that only through all-inclusive economic growth can the evils
of poverty and conflict be eliminated, and social equality and
development ensured," he said.

On the key issue of security, Hinduja wrote that
whichever coalition party assumed power, it had to formulate
and implement policies for economic growth and robust internal
and external security measures.

"India has to grow stronger not just economically,
but in its defence and security capabilities. Unless this
happens, we cannot expect India to become a respected global
power on par with the big powers," he said.

"Today, security threats come from extremist,
fundamentalist groups. These are religion or ideology-based,
like the Maoists. Threats should be dealt with firmly in a
non-discriminatory manner," he suggested in the article.

Hinduja firmly believed that the implementation of the
strategy plans outlined by him will reduce poverty and
conflicts, and will create a better environment and
understanding.

"It will reduce corruption and other evil systems.
And--as the best incentive of all to governing politicians --
it will be likely to guarantee their re-election," the leading
NRI businessman said. PTI AKJ
PMR
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