Indian can deal with crony capitalism by introducing transparency and reducing discretionary power, new CII President Ajay Shriram suggested.

Expressing his views about crony capitalism in a just published interview, Mr. Shriram admitted that India too, like other countries, has 'black sheeps'.

Speaking about the issue, he said, "We have to accept that there are humans all over the world. We have had black sheeps. It's not only in India; it's in America, in Europe, every country. We should have a balanced approach and look at what to do with rules and regulations."

He said the industry body was suggesting use of IT norms to deal with the problem crony capitalism. He added that reducing the power to say no would also help a lot in reduce crony capitalism.

The issue of crony capitalism became a topic of hot debate after Union Finance Minister P. Chidambaram's recent accusation that BJP's prime ministerial candidate Narendra Modi is encouraging crony capitalism.

Mr. Shriram said the industry body wanted the new government to make clear rules and regulations to promote ease of doing business in the country by removing needless controls and bottlenecks to enable the nation to move fast on the path of high economic growth.

General elections in India are scheduled to take place in nine phases starting next week, and the new government is expected to be in place by the end of May.