India can achieve more than 7% growth: Jamshyd Godrej

Speaking to NDTV’s Ira Dugal at the World Economic Forum in Davos, Jamshyd Godrej, Chairman of Godrej and Boyce Manufacturing said that the developing countries are moving quite well and so the focus will always be where the growth is. “I think that 7 per cent is great growth number for India.  So, we are disappointed only because we know we can do better,” added Godrej.

Below is the complete interview. Also watch the accompanying video.

Ira:  What the big theme is going to be? You are coming here since the last four years and it’s all about one crisis after another.  Is the mood any different, any better this year?

Godrej:  Well, I would say that there is clear understanding that the developing countries are moving quite well and so the focus will always be where the growth is. There are lots of developing countries with good growth today.  However, we need markets at the same time.  So, it is little disconcerting that the Europeans are still stumbling to find the right answers.

Ira:  Are you sensing any sort of disinterest, may be just a little bit of disappointment the way India has performed back home? Are you picking it up from global leaders, global participants?

Godrej: No, not really. I think that 7 per cent is great number for anybody today.  So, we are disappointed only because we know we can do better.

Ira: If you are following developments, then I think the Reserve Bank of Indis is finally cutting interest rates. Industry probably relieved about that aspect?

Godrej: They haven't actually cut interest rates; they have just added more liquidity in the market, which is a good thing.  That gives a right signal. 

Ira: What are the interest areas for you at the sessions that you are looking ahead?

Godrej: My main interest is now on energy, energy security, renewable energies and sustainability. So I try and spend as much time as I can on that.

Ira:  Back home, you also talked about lot of corruption and governance, are those issues you are picking up here trying to look at best practices globally?

Godrej: I haven't picked it up yet on those anti-corruption ideas. Everyone talks about it. I think we haven't quite understood quite clearly what those good policies that are necessary for the same are.  But the best one is transparency. We have done quite a bit on that in terms of right to Information and things like that. But transparency in all type of government delays and in the private sector also. Transparency in all type of delay whether its contracts or whether it is giving orders between companies and between governments.  This is one area where I think everyone is stumbling. The transparency is not comfortable for people and so, we need to keep pushing at it. 

Ira:  There is lot of protectionism about fears, the address from President Obama last night has sparked that off again. Slowing global economy is the real fear, isn't it?