Hinduja co-chairmen lauds Indian Finance Minister

August 24
3:42 PM 2013

Hinduja Group, which is based out of London, had issued a call for steps to kick start the return to growth of the Indian economy. One way to do so includes assuring global investors of protection against the retroactive application of laws.

The Hinduja Group co-chairmen Gopichand and Srichand Hinduja issued a statement saying that another means to boost growth would be clearing large investments. They said, "The state of the economy in any country depends on fundamentals, management and perceptions. The fundamentals of the India economy remain strong, the management could perhaps have been better and perceptions have become very negative, more than is warranted."

The group had expressed its eagerness in playing a 'constructive role' in the Indian economy's revival. It warned, "Once a negative sentiment grows, it is very difficult to reverse it as negativity feeds upon itself."

The group called the latest remarks by Indian Finance Minister P Chidambaram's efforts to appease investor concerns after the decline in the value of the rupee as 'reassuring'. The statement further said, "The statement by the Indian Finance Minister P Chidambaram on Thursday was timely and welcome. It was clearly reassuring because it provided facts, whereas earlier, speculation, especially in the currency market, was occurring without knowledge of the realities. Unsurprisingly, the statement led to a recovery in the Indian stock exchanges and to an appreciation in the value of the rupee."

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