Five more slow growth years for India, says RBI Governor
RBI Governor Raghuram Rajan is addressing an industry body in New Delhi
By : DC Correspondent
Update: 2014-12-12 11:24 GMT
RBI Governor Raghuram Rajan is addressing an industry body in New Delhi. Former Prime Minister Manmohan Singh is also present at the event.
Highlights of the speech:
- Many economies near deflation
- Global economy weak despite recovery in the US
- Five more slow growth years for India
- Printing money leading to inflation
- Secular stagnation has been building
- Government working on reducing the cost of doing business in India
- Domestic demands have to be financed responsibly
- Low oil prices are net positive for the world economy
- Banks have to learn from past mistakes in project evaluation
- Need efficient communication intermediaries
- To improve productivity improve human capital- make sure they are healthy and enabled with appropriate education
- Important to plan for a global economy which won't be as strong as in the pre-crisis years
- India should focus on 'Make In India' as well as 'Make For India'
- Domestic demands need to be focused on
- Export led growth will not be easy
- Delivery of public goods imports
- RBI Governor cautions against subsidies
- Middle class jobs becoming redundant
- In addition to Inflation, need to pay attention to financial stability
- We need open global markets for faster change
- Have to increase financial inclusion