India has proven the 'fallacy' of incompatibility of rapid economic growth and a democratic political system, and the continuity of government and policies give industry the confidence of sustained high growth, Maruti Suzuki India Chairman R C Bhargava said on Tuesday (August 27, 2024).

In his address to shareholders in the company's Annual General Meeting held virtually, he asserted that India's democratic processes will lead it to a sustained and more equitable society.

Mr. Bhargava also said the industry and the government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047.

"Over the years, I've heard people arguing that rapid economic development and a democratic political system are not really compatible. Our country has proved the fallacy of this line of thinking," he said.

Asserting his point, Bhargava said, "We are now the fastest growing economy in the world, and our prime minister is one of the most respected global leaders." Periodically, he said, "the world has seen how deeply committed we are to the democratic processes."

Referring to the recent general elections, he said it has "once again shown that hundreds of millions of people can vote in a peaceful manner and accept the results of that process." Mr. Bhargava, however, admitted that "the policies and strategies for equitable and rapid economic growth and development did take some time in being established".

".. But we did find the right path through peaceful democratic processes. This is in sharp contrast to what we have seen around us in many parts of the world and in our neighborhood," he said, without naming Bangladesh which is currently in turmoil following student-led violent protests that led to a regime change.

"The continuity of the government and its policies to bring in faster economic growth with greater inclusivity and equity gives industry confidence of sustained high growth," Mr. Bhargava said.

He further said industry and government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047.

"It is the democratic processes which will lead us to a sustained and more equitable society," he said.