Experts stress on the need for better use of resources
Fiscal deficit, the present power crisis, inflation and ever-increasing taxes and idle assets have contributed to slowdown of Indian economy.
These were the main points discussed by a panel of experts at The State of Our Economy session organised jointly by the Centre for Policy Studies (CFPS) and Gayatri Vidya Parishad Educational Institutions here on Monday.
“We need to concentrate on the larger perspective and analyse how demand drives growth of the industry. Deficits cannot be overcome unless the gap between imports and exports are bridged. India has to concentrate more on its exports. Other issues like power shortage, lack of incentivisation and management of taxes need to be looked into to improve Gross Domestic Product (GDP),” COO of Visakha Container Terminal Pvt Ltd Capt. Sriram Ravi Chander said.
Deputy General Manager of Andhra Bank B. Bhaskara Sarma highlighted the current economic condition of the nation, the need to conserve resources for better utilisation by cutting down irrelevant expenses and diverting them towards productive purpose.
Calling for transformation of global economy for achieving double digit growth, former dean, academic affairs and HoD of Economics, Andhra University Jagadeeswara Rao said Indian slowdown was due to structural constraints.
“According to BP plc survey, India will be the world’s third largest economy by 2030 replacing Japan. We need to promote exports and value of rupee by reducing fiscal, current account and governance deficits,” he said.
The revenues are just about meeting our debt servicing requirements and there is no investible surplus leading to inflation and the slowdown, he explained.
Director of CFPS A. Prasanna Kumar, associate director of CFPS P.V. Sarma and others also participated.