December 18, 2018
INDIA NEEDS REFORMS IN MANY FRONTS TO ACHIEVE THE TARGET OF $6-7 TRILLION ECONOMY BY 2030: DR AJAY CHHIBBER
To achieve the target of $6 – 7 trillion economy by 2030, India needs to address challenges of competitiveness to compete in the global market on many fronts with the economic and administrative reforms along with transformation in health, education, labour, finance, police and judicial reforms.
The aforesaid observations has been made by Dr. Ajay Chhibber, former Economist, World Bank and Visiting Scholar, Institute of International Economic Policy, George Washington University, USA at a event on India Towards a Shared Prosperity-Economic Agenda for the Next Five Years organized by PHD Chamber of Commerce and Industry here today stressed that there is a need for India to up its game given the challenging global environment.
Dr Chhibber said that India is under spending in education and health which need to be addressed by increasing spend in these two sectors by 3% on health and 6% on education of India’s GDP. Also, enhance public spent in the infrastructure sector, said Dr. Chhibber.
He said, “our share in world trade is very low which needs to be strengthened” and adding that India is not in global value chain which needs to be addressed in framing industrial policy of the country.
Given the current macro-economic situation and the high interest rates, Dr Chhibber highlighted that there is a need to reduce repo rate by 100 basis points.
Dr Ajay Chhibber highlighted that India is underperforming hugely in tourism and mobility sector which needs to be focussed upon as the sector has the potential to create immense employment opportunities.
In his welcome remarks, Mr Rajeev Talwar, President, PHD Chamber said that the Economic Agenda for the next 5 years should include reforming labour laws, reducing interest rates and reducing the cost of land which would enhance manufacturing growth in the coming times.
Mr D K Aggarwal, Senior Vice President, PHD Chamber, Mr Sanjay Aggarwal, Vice President, PHD Chamber and Dr Mahesh Y Reddy, Secretary General, PHD Chamber were also present on the occasion.
Koteshwar Prasad Dobhal