India must work on getting more capital: Piramal

NEW DELHI: India is capital starved and the country has to work towards getting more capital, Ajay Piramal, chairman of Piramal Group said, adding that shortage of equity and debt is going to be a constraint.
“If India has to grow at 8% GDP, credit must grow at 18-20%... I don’t think we have today banking or NBFCs or anybody which can grow that much,” he said. “We can learn from what the rest of the world has done.For instance, today, in India, banks, pension funds, provident funds, EPFOs… all these are not allowed to invest in too many companies. I think we will have to open these… Today, 50% of all these funds go into government securities. They must be allowed to invest into companies,” he said.