“There is no risk aversion in the system. If the finance companies (NBFCs) went overboard with their growth, they had NPAs, they mismanaged their ALMs and consequently they ran into difficulty; I would say you solve your problem. HDB, which is our NBFC, has no problem in getting money,” said Puri in an interview to The Economic Times.
Puri noted that if India does everything right, it will reach a growth of 8 to 9%. “If India grows at 5%, then the rest of the world will grow at 2 to 3%. If India does everything right we will reach 8 to 9%; so what is the probability of us doing everything right? Even if we get 60% right, we should get 7-7.5% growth. If we get semi-urban and rural India growing, if we get the right infrastructure spending, if we have the government spend on productive resources and are able to attract manufacturing into India, we can grow 7-9%. This will take two-three years of extensive execution of items that have already been identified.”
On his successor, Sashidhar Jagdishan, Puri pointed said that the incoming chief is no less than a combination of Thayir Sadam (curd rice) and Mirchi (chilly).
“Sometimes, that mirchi is big, sometimes it’s small. But even the small Mirchi can feel like an iron fist in a silken glove. Don’t underestimate Sashi. He may not have the Punjabi bluster, but Thayir Sadam along with mirchi is an equally deadly combination. Everybody does not have to be in-your-face aggressive. You can be aggressive in a far more sophisticated manner. The belief that the chief executive is the sole person responsible for the results is wrong. Today, your business is done at the ground level; the chief executive is the first among equals. Sashi has a very strong second line,” he added.