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India taking steps for favourable investment setting: CEA
16 Dec '19
2 min read
Pic: Shutterstock
The Indian government has a well-thought-out agenda for reforms to beat current slowdown in the economy which is more cyclical than structural in nature, chief economic advisor Krishnamurthy Subramanian said last week. "Private investment is the key driver of economic growth and consumption is a force multiplier," he told a young leaders summit in New Delhi.
"The steps we are taking, like the corporate tax rate cut, are intended to create a more favourable environment for investments that are required for sustained growth," he said.
"Needless to say that there is a slowdown. But you estimate whether it is cyclical or structural by estimating the potential growth rate of the economy. If the growth potential has changed because of some structural aspects of the economy, then you can say that the slowdown is structural," an Indian business daily report quoted him as saying.
Subramanian said there has been no change in the demographics, demand and the ability of companies to supply things. "The government is now doing a lot of reforms, and reforms enhance the productivity of the economy. We are taking all the steps that are necessary," he said.
Subramanian also spoke of the importance of treating data as a public good. "Data is of the people, by the people, and hence should be for the people. The government should also promote the use of soft infrastructure like data infrastructure,” he said.
"High-quality data is extremely important for machines to learn well and make predictions about the right business decisions," he added.
"The steps we are taking, like the corporate tax rate cut, are intended to create a more favourable environment for investments that are required for sustained growth," he said.
"Needless to say that there is a slowdown. But you estimate whether it is cyclical or structural by estimating the potential growth rate of the economy. If the growth potential has changed because of some structural aspects of the economy, then you can say that the slowdown is structural," an Indian business daily report quoted him as saying.
Subramanian said there has been no change in the demographics, demand and the ability of companies to supply things. "The government is now doing a lot of reforms, and reforms enhance the productivity of the economy. We are taking all the steps that are necessary," he said.
Subramanian also spoke of the importance of treating data as a public good. "Data is of the people, by the people, and hence should be for the people. The government should also promote the use of soft infrastructure like data infrastructure,” he said.
"High-quality data is extremely important for machines to learn well and make predictions about the right business decisions," he added.
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