While the future of the Indian economy looks challenging, there is hope that in the latter part of the year, one might see a change leading to growth and the containment of India’s revenue and fiscal deficits, according to Mahindra & Mahindra (M&M) Chairman, Keshub Mahindra.

Addressing shareholders at the annual meeting here on Wednesday, Mr. Mahindra said economic uncertainties in 2011-12 aggravated further in 2012-13. “Weak domestic macros — high inflation, large fiscal and current account deficits — coalition politics continue to constrain policy actions critical to supporting growth — for any growth below 7 per cent cannot even begin to meet our social needs.”

“I also expect that the government will move to clarify the uncertainties in many sections of our economy and to bring back focus on providing a platform for the growth of our economy which is critical for bettering the quality of lives of our people,’’ said Mr. Mahindra.

At the conclusion of the AGM, Mr. Keshub Mahindra stepped down as Chairman, M&M,. and will continue as Chairman Emeritus. Anand Mahindra, Vice-Chairman and Managing Director, took over as Chairman and Managing Director, M&M.

Vishakha Desai, President & CEO of Asia Society, New York, and Vikram Singh Mehta, Chairman of the Shell Group of Companies in India, were inducted to the M&M board.

RELATED NEWS

M&M Q1 net rises 20 % August 9, 2012

More In: Companies | Business