Adi Godrej, the 73-year old patriarch and chairman of Indian conglomerate Godrej Group has high hopes for the country's economy.

"I think by the next financial year, India will be the fastest growing major economy in the world. I'm very optimistic about India's economic future, and I feel that by 2050… India will become the largest economy in the world."

Speaking to CNBC's Oriel Morrison in an "Entrepreneur Asia: Power Players" interview, Godrej praised Narendra Modi's government for its bold vision to develop India's economy through campaigns like "Make in India" and "Smart Cities".

"The Modi government is very growth oriented, very reform oriented, so I believe they'll do good work. But of course, we have a raucous democracy. Nothing moves as fast as one would like to, just by clicking one's fingers. But I expect we'll do very well."

That said, Godrej admits more can be done to encourage entrepreneurship and improve the ease of doing business in India.

"We're a free enterprise country, but a lot of restrictions have been brought in in terms of ease of doing business over the years, and that needs to be cleared. We must make entrepreneurs feel that they can work easily, work freely without the tax man sitting on their backs, without bureaucrats holding things up. I think this government has clearly defined its intention to do that."

