Expressing serious concern over a substantial drop in investment in country in last dece, India's Chief Ecomic visor Krishnamurthy Subramanian has said investment is key to country becoming a USD5-trillion ecomy in five years.

CEA Krishnamurthy Subramanian on investment

Subramanian told a Chicago audience last week that he has identified three engines to promote investment land reform (land acquisition laws need reform), labour reform (ease labour laws to encour employment), and power (price it better to provide access to encour a more balanced growth across country). During a conversation organized by Indian School of Business (ISB) Office of Alumni Engment, in partnership with Kellogg Public-Private Initiative, Subramanian was responding to a question,

"How is India going to grow to 5 trillion USD in 5 years?" answer, he said, is largely by encouraging investment in country. "Investment as a per cent of GDP was 40 per cent in 2008 and this has come down to 29 per cent in 2018. This is worrying statistic for a growing ecomy," Subramanian said, according to a press release.

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He said country needs to start differentiating between pro-market and pro-business ecomies.

"We can do this effectively by allowing market to determine which companies survive with minimal government interference in form of bailouts," he said.

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He said that a good policy is characterized by avers and aggregates and b policy is characterized by anecdotes. When asked about nationalistic nda in terms of protecting local businesses, he was strongly of belief that globalization would be key to improving productivity and performance of se businesses. It h been 30 years since liberalization, we need businesses today to behave like independent 30-year-old ults, he said emphatically. ongoing tre wars could significantly impact India's position in global tre ecosystem, he said. country currently only holds two percent of global tre market share and we as a country need to lever se opportunities to grow this number, by making companies more productive, reduce tre restrictions, and identifying gaps in tre value chain that we can capitalize on, Subramanian said.

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Better policies for India's growth

Manufacturing incentivized by policies such as Make in India and agriculture by ensuring access to market for farmers are key sectors that are going to drive a significant portion of India's growth over next few years, he said. Krishnamurthy Subramanian's insights gave great clarity and confidence that government is very keen on dressing needs of Digital and Startup ecomy," said Bala Palamai, founder & CEO of Biz of IT Invations one of attendees h this to say of event.

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