WATCH: Not concerned by slowdown in Indian economy, says Mastercard CEO Ajay Banga
Mastercard CEO Ajaypal Singh Banga comes in defense of Indian government on economic growth. He said that 1-2 quarters of slow economic growth should not affect pace of reforms. Photograph: (WION)
A big global corporate voice, the Indian-origin CEO of the US-based payments company Mastercard, Ajaypal Singh Banga, has come out in defence of the Indian government.
Banga told WION that one or two quarters of slow economic growth should not impact the pace of reforms.
Banga's comments come at a time when some of the Indian government's measures -- demonetisation and the goods and services tax -- have come under severe criticism, and are being blamed for slowing down the economy.
Banga also hailed the reforms undertaken by previous governments, but said the pace of reforms under the current establishment has been quicker.
"India is going through an exciting phase. FDI, GDP, foreign reserves have gone up in the last two decades," he said.
"Digitisation will give the next boost to the Indian economy," he said.
"Change has actually accelerated in the last two years," he added.