Cut red tape for growth, says Deepak Parekh

If India has to catapult to high growth economy, HDFC chairman Deepak Parekh said on Wednes-day that the country should invest more in infrastructure, upgrade people’s skills, speed up tax reforms and cut down bureauacy and red tapism.

Speaking at the Pravinchandra Gandhi memorial lecture here, he said there would also have to be increased spending in health and education sector and better management of bad debts in PSU banks, through empowering bank managements.

He was very positive on the strength of channeling youth power for higher growth. He said India stands on the strong footing with a good growth potential, whilst there is depressing news from all across whether it was Greece, the US, South America or even China and Japan.