Govt taking steps to create favourable environment for investments, bring back growth: Chief Economic Advisor
Dec 09, 2019
Private investment is key driver for growth and consumption a force multiplier
NEW DELHI, 9 December 2019: Dr Krishnamurthy Subramanian, Chief Economic Advisor, Government of India, today said that the current slowdown in the Indian economy is more cyclical than structural in nature and the government has a well-thought-out agenda for reforms.
Speaking at the 'FICCI Young Leaders Summit: The New Indian for a New India', Dr Subramanian said that private investment is the key driver of economic growth and consumption is a force multiplier. ?The current slowdown is a lot more on the cyclical side. 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.
Dr Subramanian 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."
He further pointed out that 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," added Dr Subramanian.
Dr Subramanian also talked about the importance of treating data as a public good. "Data is of the people, by the people, and hence should be for the people," he said. The government should also promote the use of soft infrastructure like data infrastructure, he added.
The Chief Economic Advisor mentioned that there is enormous potential for utilizing the benefits that artificial intelligence and machine learning provide in the area of business.
"High-quality data is extremely important for machines to learn well and make predictions about the right business decisions," Dr Subramanian said.
Dr Subramanian also highlighted that technology has been changing the nature of jobs for long and urged the government to be support the retraining of people to learn new skills.
Industry should design syllabus to resolve unemployment: Parliamentarians
MPs should take notes from entrepreneurs
NEW DELHI, 12 July 2019: Industry should take part in designing the syllabus and Parliamentarians should take notes from young entrepreneurs to resolve the issue of unemployment. This was highlighted at ‘FICCI Young Leaders Forum’, yesterday.
Speaking at the forum, where several young entrepreneurs interacted with select Parliamentarians, Ms. Jothimani S, Congress Lok Sabha MP from Karur (Tamil Nadu), said that there is a huge gap in the present education system in the country and the rise of joblessness is quite worrying.
“Industry should be part of the syllabus making process,” said Ms. Jothimani, as part of a long-term solution in reply to a query raised by a startup founder who wanted the government’s help for students facing difficulty in paying back the education loan.
Mr. Gaurav Gogoi, Congress Lok Sabha MP from Kaliabor (Assam) said, “Lot of jobs can be created in the agriculture sector provided there is more synergy between agriculture, food processing and allied activities, and across entire value chain right from production, market link, distribution to online retail. Tourism can be another one though lot of skilling is required. Besides, India can be the world’s hub for healthcare and higher education.”
Mr. Prajwal Revanna, Janata Dal (S) Lok Sabha MP from Hassan, Karnataka said, “There should be more regular forums like these to educate us on the needs of the entrepreneurs and FICCIcan act as a bridge between industry and politicians.”
On the idea of industry using CSR funding for overall development of the country by adopting a village in the vicinity, Ms. Mahua Moitra, All India Trinamool Congress Lok Sabha MP from Krishnanagar (West Bengal) said, “Industry might be far from the people who actually need the support. Industry needs to wake up to the fact that these people may not be in a position for a quid pro quo. This is where industry and politics can come together.”
Mr. Tejasvi Surya, BJP Lok Sabha MP from Bangalore South (Karnataka) said, “The current government speaks the language of India’s young. It talks about new age technologies, stock exchange for social organisations and about New India.”
Other MPs who interacted with the young leaders were Mr. Rahul Kaswan, BJP MP from Churu (Rajasthan), Mr. Nazir Ahmed Laway, J&K Peoples Democratic Party Rajya Sabha MP from Jammu and Kashmir and Mr. Hibi Eden, Congress MP from Ernakulam (Kerala).
Mr. Shashwat Goenka, Chairman - FICCI Young Leaders Forum and Sector Head - Retail & FMCG, RP Sanjiv Goenka Group said, “The interactive session is a suitable platform for highlighting the common grounds/ hindrances to the government authorities. It facilitates dialogues and highlights the commitments of Young India towards ‘New India’ vision and goals.”
Mr. Abhishek Ganguly, Co-chair - FICCI Young Leaders Forum, Managing Director, Puma India said, “Entrepreneurship plays an influential role in economic growth and standard of living of the country. Corporates of young India are dedicated towards the growth and development of national economy.”
The FICCI Young Leaders Forum acknowledges India's talented young leaders and this initiative is meant to identify, encourage and nurture promising future business leaders of India.