Minoo Shroff: Economic slowdown due to poor governance

Economic growth in the world’s largest democracy has slowed down considerably in the last three years -India recorded a bleak 5% growth after recording an average of 8% over the past several years. This slowdown is attributable to a combination of weak governance, bad politics and a string of corruption scandals over the last few years, said economist Minoo Shroff, global chairman of the World Zarathushtui Chamber of Commerce ( WZCC).

He recently pointed out that for the past several years, both India and China were matching each other in growth rates. But while the Chinese economy continues to grow at a brisk pace, the Indian economy has declined, he added.

Shroff said that the lack of proper regulations and policy paralysis that has crept in during the regime of the UPA has resulted in the decline of the Indian economy. He hoped that a new government will be able to give a new direction to the country and put the economy back on track.

Narayan Bandekar, president of GCCI, recounted the excellent relationship that Goans shared with the Parsis in Mumbai and assured to provide a platform for Parsis in Goa to come together and address any issues of concern . WZCC and Gsigned an MoU for extending cooperation and regular exchange of information and more frequent interaction between their members. WZCC boasts of some of India’s best known companies. GCCI expects that the Goa State Investment Policy will be unveiled soon and it hopes to attract Parsi-owned companies which are members of WZCC to invest in Goa.

Others present on the occasion were Adi Siganporia, chairman of Mumbai Chapter of WZCC, Behroze Daruwala, WZCC global corporate secretary, Sandip Bhandare and Manoj Caculo, vice -presidents of GCCI, Ralph De Souza, secretary, and R S Kamat, director general of GCCI.