Deputy Governor, Reserve Bank of India, Mr. H R Khan prescribed a three pronged strategy for India to come out of prevailing economic volatility, uncertainty, ambiguity and complexity by laying its focus on attracting FDIs, domestic investments and improving on front of exports.
Declining to subscribe to the view that Indian economy is trapped in economic turmoil, the Deputy Governor said that economic turmoil was not the right expression to define the current economic stagnation, on the contrary the truth is India has been confronting with issues of economic volatility, uncertainty, ambiguity and complexity which her economy can come out of provided and additional attention is laid on to improving FDIs and domestic investment scenario with improved export focus on new and emerging markets.
Addressing a conference on Global Economic Turmoil – Impact on Indian Economy:Look Ahead under aegis of PHD Chamber of Commerce and Industry here today, Mr. Khan said that India’s tax GDP and her expenditure GDP ratio needed to be enhanced which has fallen less to a respective levels of 5.4% and 6.4% with comparable economies.
The Deputy Governor thus called for maintaining a quality of fiscal deficit with suitable and proper corporate balance sheet, pointing out that India also needs to clear up its stressed assets scenario with three main approaches in mind which consist of a paradigm to resolving, restructuring and recovering these.
He concurred with the view that in the recent past portfolio investments have receded but India compensated the loss by accelerated FDIs and with deepening of debt market for which the RBI has taken measures to make it more broad base with a celebrated manner.
Among others who were present on the occasion and prescribed suggestions for India to improve its current and prevailing economic volatility comprised Sr. Vice President, Vice President and immediate former President, PHD Chamber, Mr. Gopal S Jiwarajka, Mr. Anil Khaitan and Mr. Alok B. Shriram; Professor, Centre for Economic Studies and Planning School of Social Sciences, JNU, Dr. Praveen Jha; Consultant, NITI Aayog, Mr. B N Satpathy; Ex-Additional Solicitor General of India Mr. Bishwajit Bhattacharyya; Chairman, Forex Affairs Committee, PHD Chamber, Mr. Shyam Poddar; Co-Chairman, Banking and Financial Services Committee, PHD Chamber, Mr. Ashsish Agrawal and its Secretary General, Mr. Saurabh Sanyal.