"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," Bhargava stated.
Bhargava emphasised India's position as the world's fastest-growing economy and praised the global respect commanded by the country's prime minister. He noted that the world has witnessed India's deep commitment to democratic processes.
"The world has seen how deeply committed we are to the democratic processes," he said.
During his address, he pointed to recent general elections as evidence of India's robust democracy, mentioning the peaceful conduct and widespread acceptance of the election results.
"The recent general elections have once again shown that hundreds of millions of people can vote in a peaceful manner and accept the results of that process," Bhargava said.
Drive for government's policies
Bhargava acknowledged that developing policies and strategies for equitable and rapid economic growth and development took some time to establish. However, he highlighted India's success in finding the right path through peaceful democratic means, contrasting this with turmoil in other parts of the world and neighborhood countries.
".. 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 commented.
He stressed that the continuity of government policies aimed at fostering economic growth and inclusivity provides the industry with confidence for sustained high growth. Bhargava called for a collaborative effort between industry and the government to achieve India's goal of becoming a developed country by 2047.
"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," he said.
Bhargava on importance of democracy
Bhargava underlined the significance of democratic processes in leading the country towards a sustained and equitable society.
"It is the democratic processes which will lead us to a sustained and more equitable society," he remarked.
Bhargava concluded by expressing optimism for the future, asserting that trust and confidence between the industry and government will help realize India's aspirations.
"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," he added.
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