Numerous committees have come and gone but financial sector reforms largely remain on paper. The government needs to act now
Deepak Parekh, 65, is India’s foremost infrastructure finance veteran with a career that has straddled both public and private sectors for four decades. A chartered accountant by training, Parekh joined Housing Development Finance Corp. in 1978 after stints in international banks. Soon, he rose to become HDFC’s managing director and later chairman. He brought the concept of home mortgage to the door steps of middle class Indians. For the government, he is the go-to guy for complex finance issues. The government honoured him with a Padma Bhushan in 2006.
We live in a world where comment is free but action is at a premium. The global financial crisis proved to be a bonanza for economic researchers and editorial writers who wasted no time in publishing reams of opinions on how to emerge out of the crisis and ensure it does not happen again. How many of these big ideas will translate into action on the ground, is anybody’s guess.
(This story appears in the 04 June, 2010 issue of Forbes India. To visit our Archives, click here.)