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India's CEA identifies 3 engines to promote investment

Oct '19
Pic: Shutterstock
Pic: Shutterstock
Expressing serious concern over the substantial drop in investment in India in the last decade, chief economic advisor Krishnamurthy Subramanian recently said in Chicago that he has identified three engines to promote investment. These are land reforms to acquire land, labour reforms to boost employment, and better power pricing for a more balanced growth.

Investment is key to the country becoming a $5-trillion economy in five years, Subramanian said at a conversation organised by the Indian School of Business (ISB) Office of Alumni Engagement in partnership with Kellogg Public Private Initiative.

“Investment as a per cent of GDP was 40 per cent in 2008 and this has come down to 29 per cent in 2018. This is a worrying statistic for a growing economy,” a press released quoted Subramanian as saying.

He said the country needs to start differentiating between pro-market and pro-business economies and a good policy is characterised by averages and aggregates and a bad policy by anecdotes.

When asked about the nationalistic agenda in terms of protecting local businesses, he was strongly of the belief that globalisation would be key to improving the productivity and performance of these businesses.

It had been 30 years since liberalisation, we need the businesses today to behave like independent 30-year-old adults, he said emphatically.

Fibre2Fashion News Desk (DS)

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