Just ahead of the Budget Session of Parliament, Deepak Parekh, Chairman of HDFC signalled growing impatience with the Modi government among corporates.
The thing is that our Prime Minister had a lucky period in these nine months. The world commodity prices are at all-time low which help India the most. I don’t see ease of doing business changing so far.
- Deepak Parekh, to PTI, February 18, 2015
This is not the first time Parekh has questioned Narendra Modi. He has oscillated between reviling and adoring Modi since the 2002 Gujarat riots. He was the first business leader to speak out against the Gujarat government.
Internationally, we have lost our name as a secular country. I am ashamed to have seen this in our century. The chief minister must take responsibility and resign. If the powers in Delhi are supporting him, it is unacceptable. If politicians have prevented the police from doing their duties, it cannot be tolerated. Some heads have to roll.
- Deepak Parekh, in The Times of India, March 26, 2002
By December 2012 though, the banker had executed a U-turn. He joined the rest of corporate India in celebrating Modi’s third consecutive victory in Gujarat.
It is a vote for development. It is a vote for growth. It is a vote for better governance, improvement in quality of life, transparency, integrity... In most states you will find anti-incumbency at work, but not in Gujarat. Modi must be doing something right. The BJP cannot overlook him [for national leadership] now.
- Deepak Parekh in The Economic Times, December 21, 2012
Since the general elections last year, the rumour mill has placed Deepak Parekh in any number of high profile positions. In May 2014, Ramesh Dadani, a market veteran told NDTV , “Deepak Parekh would be the Nandan Nilekani of the NDA government. Markets would be wildly excited behind him.” Even then, Parekh denied that he will be taking a top job in the Finance Ministry.
More recently, Coomi Kapoor hinted in The Indian Express that Parekh may well replace S Jaishankar (now Foreign Secretary) as India’s Ambassador to the US.
His recent statements though make that far from likely.
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