India's economy never been in stronger position than today: Parekh

Mumbai: HDFC Chairman Deepak Parekh on Monday said the country's economy is in a "stronger position" and demonstrating an immense growth potential with a strong leadership at the helm bringing in key reforms.

"India has never been in a stronger position than today from a macro-economic perspective. The country is demonstrating an immense growth potential helped by a strong leadership at the helm, driving key policy changes," Parekh said at a risk summit organised by CII.

He noted that with the present government, large scale corruption has been weeded out.

He said India, with an expected GDP of above 7.5 percent, stands out well in comparison to its global peers.

"We in India hold a key advantage by being a major economy with tremendous growth potential," he said.

The veteran banker said the country has benefited tremendously from lower crude oil prices.

He said the private sector capex has continued to be slow, so support has been boosted from public sector spending on infrastructure.

"Often when infrastructure projects are a work-in-progress, there tends to be a feeling that nothing is happening on the ground. But this is certainly not the case in India," he said.

Parekh said there is a flurry of activities taking place in the areas of ports and water ways, airports and smart cities.

Increased installed capacities in renewable energy have been put in place and a number of initiatives in the railways to improve service are underway.

He said the e-auctions of government tenders and bidding process are the biggest mark of credibility which the country has today.