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India will be third largest economy: GP Hinduja

London :India is on its way to become the world’s third largest economy, leading NRI industrialist G P Hinduja said today, crediting the growth momentum to a number of initiatives taken by Prime Minister Narendra Modi.

“India is already fourth-largest in public-private partnerships. If things go the way Modi is planning, India will be the third largest economy,” he told BBC in an interview.

The London-based co-chairman of the Hinduja Group attributed the growth momentum in the economy to a number of steps taken by Prime Minister Modi.

“He (Modi) has been brilliant in building up international relationships. He has lot of energy. Every day he announces new concepts and ideas. On the business angle, what we need for growth is tax, labour, land, power and infrastructure.

“On all these five he has taken initiatives to move forward. Unfortunately, because of the old legacy and culture, it’s not that easy. He has to follow democracy and that takes time,” he said.

In reference to neighbouring China’s growth trajectory, he said: “I am an entrepreneur. I have businesses in India and China. I don’t compare the two.”

“The Chinese economy grew very fast because it was not going on democratic basis. It is difficult for them to sustain that growth,” Hinduja said, refering to the growth prospects in the world’s second biggest economy.

Closer to home, the industrialist called for Britain to hold a referendum on its membership of the European Union “as soon as possible”.

“Uncertainties must be removed. In any business, common sense is the most important factor. I am a firm believer that any successful business needs talent,” he said.