India has tremendous economic potential
India's rising per capita income has made it qualify as a middle
income country. According to World Trade Organisation rules, India is made
ineligible to provide direct export subsidies.
India is regarded as an emergent economy, rather than a “developing” one.
India still has pockets of underprivileged, as it indeed does, for which it
needs to sustain its subsidies. As for exports, the commerce and industries
minister should push for a new regime of support to exports — one that is based
on improving ease of doing business. Exporters are already struggling, coping
with feeble markets and GST.
Indian economy can grow at 9-10%. The Indian economy has tremendous
potential and there is no reason why it shouldn’t be growing at 9-10 per cent, according to former RBI Governor Raghuram
Rajan. We really don’t need any experts, domestic or foreign, to tell us what
to do. We have tremendous capability amongst our people. The lacunae or the
weakness has always been implementation. We talk, we talk, we talk but we don’t
do. There are periods when we have done. And those are the periods of
tremendous achievement and tremendous growth. That is what we need to do.
The possibilities in the economy are tremendous as the country has
fantastic entrepreneurs, entrepreneurial communities that can be harnessed, and
capability to put large satellites, rockets into space. We have the capability.
The question is why isn’t everyone of us rising to our potential.
There has to be a sense that the country can take the economy to the next level. Focus on the economics and make sure we
reach the middle income in the next 10-12 years.”
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