New Delhi: One of corporate India's most-respected leaders, Deepak Parekh, says the country is staring at "a collapse of democracy."
Mr Parekh, who heads HDFC, said the government has shown courage in its decision to open up the retail sector to foreign ownership. That policy, cleared by the cabinet last week, has led to a paralysis of parliament, with the opposition demanding a vote.
"Foreign Direct Investment (FDI) retail is opened up to 51% and the entire opposition goes on a non-cooperation-movement, this is not democracy," said Mr Parekh. "In democracy there is dissent, not disruption. What we are seeing is a collapse of democracy," he said.
Mr Parekh-voicing a frustration expressed by many in the country over the breakdown in parliament, said, "I am very worried that our political leaders have to behave more sensibly, political leaders have to be more mature."
Mr Parekh is part of a group of industrialists who have been writing open letters - two so far - to the Prime Minister. A third is expected soon. In the two letters sent earlier this year, Mr Parekh and other respected corporate voices like Keshub Mahindra and Azim Premji have warned the government that corruption is affecting India's growth story. They had also expressed concern about the pace of reforms and its adverse impact on India's growth rate.
Yesterday, another India Inc heavyweight, Ratan Tata, tweeted "Political differences and vested interests should never be allowed to stand in the way of India's economic progress."
Mr Parekh, who heads HDFC, said the government has shown courage in its decision to open up the retail sector to foreign ownership. That policy, cleared by the cabinet last week, has led to a paralysis of parliament, with the opposition demanding a vote.
"Foreign Direct Investment (FDI) retail is opened up to 51% and the entire opposition goes on a non-cooperation-movement, this is not democracy," said Mr Parekh. "In democracy there is dissent, not disruption. What we are seeing is a collapse of democracy," he said.
Mr Parekh-voicing a frustration expressed by many in the country over the breakdown in parliament, said, "I am very worried that our political leaders have to behave more sensibly, political leaders have to be more mature."
Mr Parekh is part of a group of industrialists who have been writing open letters - two so far - to the Prime Minister. A third is expected soon. In the two letters sent earlier this year, Mr Parekh and other respected corporate voices like Keshub Mahindra and Azim Premji have warned the government that corruption is affecting India's growth story. They had also expressed concern about the pace of reforms and its adverse impact on India's growth rate.
Yesterday, another India Inc heavyweight, Ratan Tata, tweeted "Political differences and vested interests should never be allowed to stand in the way of India's economic progress."
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