Populism affecting India's growth: ONGC chairman

ONGC chairman and managing director RS Sharma today slammed politicians opposing land acquisition for 'populism' and said such ideologies, along with poor infrastructure and lack of inclusive growth, would affect India's quest for sustained economic progress.

Referring to the Nandigram and Taj Expressway protests, he said, in such case resentment among public is exploited by politicians for "populist sentiments".

Such political interference makes things difficult for infrastructure growth, key for economic development, he argued while addressing a CII-organised national quality summit in Bangalore.

On the land acquisition, he said "Indian democracy (political interference) that comes (in the way) is a stumbling block (for infrastructure growth)".

In the context, he said roads are in such a poor condition that it takes seven hours to reach ONGC headquarters in Dehradun, which is just 250km away from New Delhi.

Poor infrastructure, rising Maoists insurgency and lack of inclusive growth would prove to be "retarding" for high economic growth, he cautioned.

Sharma said that Maoists insurgency is getting "more intense" by each passing day and the much talked inclusive growth is not happening on the ground.

He contended the number of Indians featuring in the global-rich list is growing and so is the number of those living Below Poverty Line.

"That is building up resentment. It will be difficult to sustain growth unless we involve the have nots as part of fruits of economic growth".