"The focus now should be on execution of projects connected with infrastructure, ports, power, health and education in a big way," Naina Lal Kidwai, India group general manager and country head, Hongkong and Shanghai Banking Corporation said in an interview.
She noted that efforts to step-up power production has not met with success. "Greater efforts should be made for generating wind and solar energy," she said, adding the solar lantern developed by TERI has brought electricity to many villages.
Referring to education, she said, "We need better teachers, more teachers and vocational training facilities." Kidwai said the National Knowledge Commission had made several recommendations and they need to be implemented.
The banker is in favour of allowing foreign universities to operate in India. "Instead of Indian students going out for higher education at great cost, we should allow foreign universities to operate in India. We need more universities and there is need to open it up," she said.
In the insurance sector, the government should increase the cap on foreign direct investment from 26 per cent to 49 per cent, she said, adding there is tremendous room for growth of insurance, particularly in the fields of agriculture and health.
Kidwai, who launched the three-month long 'Indian Summer' comprising of an exhibition of paintings and events focusing on India at the British Museum yesterday, described the electoral verdict as "spectacular." The market, she said, has also give its thumbs up.
"We do need to kick start the economy. In many ways the recent electoral verdict is a vote for several government programmes which benefited the rural people. It is a vote for continuity...," she said.
"There will be continuity on the path of reform," she said. HSBC, India, which made a profit of $666 million in 2008, is poised to do much better this year, she said. HSBC globally earned a profit of $9.1 billion last year. Kidwai felt India could achieve a GDP growth of 8 per cent by 2010.
