India's never been stronger: Deepak Parekh

MUMBAI: Chairman of India's largest mortgage lender Deepak Parekh praised the Modi government, saying large scale corruption has been weeded out under the current regime. "India has never been in a stronger position than today from a macro-economic perspective," Parekh said at a risk summit held by CII in Mumbai.

"The country is demonstrating immense growth potential helped by a strong leadership at the helm, driving key policy changes." Parekh said with an expected GDP of above 7.5%, India is in a bright spot compared to its global counterparts."We in India hold a key advantage by being a major economy with tremendous growth potential," he said. Parekh acknowledged there's a slowdown in private capex and said public sector spends were instrumental in propping the economy.

He said lots of activities were happening in ports, waterways and airports. "Often, when infrastructure projects are a workin-progress, there tends to be a feeling that nothing's happening on the ground. But this is certainly not the case in India," he said. Parekh also expressed concern over the confusing signals emanating from global economies.

"On one hand, there is tepid growth, continued problems with European banks, massive over capacities in China, and on the other, key global stock markets have touched or are nearing record highs," he said. Investors are chasing emerging markets predominately for yields, but the tide may turn when the US starts raising rates.