The continuity of the government and industry-friendly policies are giving India high hopes of seeing sustained high growth, the Maruti Suzuki chairman said at the company’s AGM held virtually.
The longtime auto industry insider’s address highlighted India’s achievements and potential in harmonising democracy and economic growth, with a vision towards becoming a developed nation by 2047 through collaborative efforts and stable governance.
He also touched upon the commitment India has shown to democratic processes, and said that it will serve as a pathway to a more equitable society.
“Over the years, I’ve heard people arguing that rapid economic development and a democratic political system are not really compatible. Our country has proved the fallacy of this line of thinking,” Bhargava said. “We are now the fastest growing economy in the world, and our prime minister is one of the most respected global leaders,” he added.
Bhargava noted the smooth conduct of India’s recent general elections. “The world has seen how deeply committed we are to the democratic processes. It has once again shown that hundreds of millions of people can vote in a peaceful manner and accept the results of that process,” he observed.While recognising that establishing the right policies for equitable and rapid economic growth took time, he pointed out that India found the path through peaceful democratic methods. “The policies and strategies for equitable and rapid economic growth and development did take some time in being established. But we did find the right path through peaceful democratic processes. This is in sharp contrast to what we have seen around us in many parts of the world and in our neighbourhood,” he remarked, without specifying any particular country.Looking towards the future, Bhargava expressed optimism about the collaboration between industry and government. “The industry and the government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047,” he said.
He made it a point to reiterate the role of democratic processes in achieving a balanced society. “It is the democratic processes which will lead us to a sustained and more equitable society,” Bhargava said.