Key Points
New Delhi:At a time when several policymakers and prominent economic commentators are weighing in on either side of the debate on whether India should focus on manufacturing or on services to drive its economic growth, Reserve Bank of India (RBI) Shaktikanta Das has taken the middle path, saying the country should not choose one or the other but instead employ a multi-sectoral focus...
Das said the potential growth of Indias economy over the next three to four years was 7.5 percent, although he estimated a 7.2 percent growth in the current year..
Often there is the debate in the public space of whether India should have a manufacturing-driven growth or a services sector driven growth For a large country like India, with a diverse economy, with so many sectors and sub-sectors and a 140 crore population, each sector has its assigned role..
On overall economic growth, Das said that the Indian economy was stable and resilient at a time when global growth was slowing, and the drivers of growth were shifting from the developed economies in the West to the developing ones in the East...
And this I am saying in a measured and conservative manner because, eventually, the Indian economy can grow at 8 percent, but today, I would like to stick to 7.5 percent potential growth, Das added...
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