Deputy Governor, Reserve Bank of
India, Mr. H R Khan on Saturday 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.
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