At IIMA meet saying it would contribute to India's growth.
At a time when there is no dearth of innovative ideas, deputy governor of Reserve Bank of India (RBI) KC Chakrabarty emphasised that it was time to bridge the gap between innovative ideas and its effective implementation.
Of course, this could only be done through bridging the courage gap among the people to encourage better implementation of effective ideas to contribute to India’s growth, he said.
Chakrabarty was speaking at Connexion-2013, the fourth edition of the Post Graduate Program for Executive (PGPX)-organised annual event, at the Indian Institute of Management, Ahmedabad (IIMA) on Friday. He delivered a keynote address on India INCubated: Idea to Action- theme for the Connexion-2013.
The event, which began on Friday, was inaugurated by Ajay Pandey, the dean. Not less than 30 economists, analysts, academics and businessmen are expected to take part in the programme during the two days. On the first day, three panel discussions were held on topics like subsidy, new media-new rule.
Chakrabarty even touched upon a few aspects that could contribute to India’s growth. “I believe the time has come to start work at the micro-level to improve productivity be it agriculture or manufacturing. When we talk of increasing productivity, spending on research and development (R&D) could also be increased significantly as currently we spend only .75% of the gross domestic product (GDP) on R&D,” he said while appreciating Gujarat’s growth in agriculture.
The two points mentioned were part of the five ideas Chakrabarty had mentioned to boost Indian economy. The other three ideas were focusing on small and medium enterprise (SME), giving access to finance to everybody and focusing on financial inclusion.
The RBI deputy governor also suggested five actions to improve the economy. He insisted on developing positive thinking about the economic situation as India had faced lower GDP also in the past and even came out of the situation.
Moreover, Chakrabarty emphasised on improving infrastructure, equal norms for common man and VIPs when it comes to paying for services, good governance and financial inclusion.
Over 30 economists, analysts, academics and businessmen are expected to take part in PGPX Connexion-2013
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