The Indian economy has been undergoing a 'detoxification' process, Anand Mahindra, Chairman of Mahindra & Mahindra Ltd, told Bloomberg Quint. "The prime minister has been quite obsessed about the kind of growth he wants: transparent, free of corruption and any rent-seeking," said Mahindra, on the sidelines of the annual meeting of the World Economic Forum in Davos, Switzerland.
Mahindra compared the story of India to a movie, claiming that he remains confident that the recent measures taken by the Modi government will lead to a "happy ending."
"The film is being produced. And I think it's going to be a blockbuster," he said.
Commenting on the slowdown in the automobile industry, Mahindra said that the industry was witnessing signs of life, after witnessing its worst-ever slowdown.
Talking about the Goods and Services Tax, Mahindra said, "The demonetization and GST which all of us pushed for and we are very pleased it's here, is making it impossible for people to work in a non-transparent manner, but it's caused disruption, because people who were used to trading in cash and off the radar, now have to be on the radar. So there's an enormous adjustment process underway."
Claiming that the government is now on the right track, Mahindra said, "The government has realised that in order to get their engine moving, they need to be far more propulsive if you will, and forget about the obsession with deficits for too long. And they are taking the right steps now."
"From the next fiscal year, I think India is going to surprise on the upside," Mahindra confidently said.