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File photo of Maruti Suzuki India Chairman RC Bhargava | Photo Credit: PTI
Maruti Suzuki India Chairman RC Bhargava on Tuesday (August 27, 2024) said that India has proven the ‘fallacy’ of incompatibility of rapid economic growth and democratic political system and the continuity of government and policies gives the industry confidence of continued high growth.
Addressing shareholders at the company’s virtual annual general meeting, he said India’s democratic processes will lead it towards a sustainable and more equitable society.
Mr Bhargava also said that the industry and the Government can work with each other with trust and confidence to achieve the goal of making India a developed country by 2047.
“For several years, I have heard people argue that rapid economic growth and a democratic political system are not really compatible with each other. Our country has proven that thinking wrong,” he said.
Emphasising his point, 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, “Time and again the world has seen how deeply committed we are to democratic processes.”
Referring to the recent general election, he said it had “once again shown that crores of people can vote peacefully and accept the results of that process.” However, Mr Bhargava acknowledged that “policies and strategies for equitable and rapid economic growth and development took some time to be established”.
“But we have found the right way through peaceful democratic processes. This is in stark contrast to what we have seen in many parts of the world and in our neighbourhood,” he said, without naming Bangladesh, which is currently in turmoil due to violent student-led protests that have led to regime change.
Mr Bhargava added, “The continuity of the Government and its policies to bring about rapid economic growth with greater inclusiveness and equity gives the industry confidence of sustained high growth.”
He further said that the industry and the government can work with each other with trust and confidence to achieve the goal of making India a developed country by 2047.
“It is these democratic processes that will lead us to a sustainable and more equitable society,” he said.
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