India's battered economy could return to its glory days of growth above 8 percent, the chief financial officer of HDFC, one of India's largest lenders, told CNBC.
"I really honestly believe that if the elections go well, in five years' time, I see no reason why India cannot get back to 8 percent plus GDP (gross domestic product) numbers," HDFC's vice chairman & chief executive officer Keki Mistry told CNBC.
Economic growth in Asia's third-largest economy has been stuck below 5 percent for the past seven quarters, a far cry from the days of over 9 percent enjoyed in the three fiscal years prior to the global financial crisis.
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Policy makers have battled with a difficult combination of high inflation, falling growth and ongoing political uncertainty and corruption issues.
Mistry highlighted the stagnation in India's investment cycle as one of the core reasons the country has underperformed in recent years, and said political certainty would be the key to kick starting it again.
"If the elections go well, if we have a strong party at the center and we have a strong government at the center, it will improve sentiment. If it improves sentiment, the investment cycle will start picking up," he said, adding that this would in turn create jobs, increase consumption and eventually boost production levels.
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India's parliamentary elections which will pit Hindu nationalist leader Narenda Modi against the unpopular Nehru-Gandhi's ruling Congress party are scheduled to finish on May 16.