In a brief stopover in India last week, controversial NRI industrialist S.P. Hinduja speaks his mind on a whole host of issues:
On investing in India: My goal is to bring in at least $100 billion of investment. Of this, we are prepared to bring in $10 billion. But there's resistance from existing businesses. They feel it's a threat—I'd feel the same way. But we're not here to buy them out; we're here to do business. I'd earmarked $6 billion worth of investment, I'm sorry I haven't even brought in 10 per cent of that. I had to go to China, Indonesia and Philippines and invested more than $500 million there.
On hurdles:We had targeted the commissioning of our power project in three years. It's now four years, and we have seen three chief ministers and three prime ministers. Why should we have to go to the PM or CM for putting up a power project? They can make the policy; let us do the rest.
On black money: Amnesty is not the solution to get rid of the parallel economy. If someone has Rs 100 of black money, it can't be taken out immediately, as it is invested. So, he has to borrow Rs 30—at an interest—and maybe create more black money. Corruption is rampant. The FM should introduce a cell where you can complain if the tax official harasses you. Whoever lives within the Indian system has to be a part of the black economy—it could be Re 1 or Rs 100. If you don't want to, leave the country. It's not right to say Indians in India are more patriotic than Indians in, say, the UK.
On polity:The developed world has removed social and economic barriers. In India, we're increasing barriers of caste, state, community. Successive governments have carried forward these differences instead of removing them. This discourages investors.