'Time to move from ideas to implementation'

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Saurabh Gupta | 07 Apr, 2015
Leading thinkers, present at the National Conference and Annual Session 2015 of Confederation of Indian Industry (CII) in New Delhi on Monday, believe that it is time to implement the ideas.

Addressing the session on Ideas that could change the Indian Economy at the National Conference and Annual Session 2015, Director of Research, Brooking India and Senor Fellow, Brooking Institutions, Dr Subir Gokarn said, "We have resources and ideas but now there is need to focus on productivity and implementation."

Dr Gokarn said that in the infrastructure sector, the PPP model has not worked as per expectations in past few years and now there is a need for FPTP i.e. first public and then private. He highlighted the importance of accessing sources of funds such as private equity and venture capital in order to finance the infrastructure sector.

Referring to the 14th Finance Commission, Dr Gokarn pointed out that since states now have more funds being allocated by the Centre, it is time that states should increase their focus on implementation and providing services which earlier the Centre was doing.

Highlighting the importance of learning by sharing, Dr Gokarn said there should be knowledge and experience sharing amongst states which will help them to successfully implement various schemes by learning from the best practices being followed by other states.

Dr Ajit Ranade, Senior President and Chief Economist, Aditya Birla Group said despite having high saving rates, the flow through the financial system is limited. As a result, large part of the savings doesnât come into the financial system which needs to be addressed.

He focused on some innovative models like Gold Demat scheme which can improve the percentage of savings being converted into Investments. He further mentioned that small businesses are badly affected by excessive paper work. There should be more enforcement raj and less inspector raj.

Dr Ranade highlighted that the ratio of Road and Rail usage for logistics purpose in India is 70:30 which needs to be reversed to be save logistics cost and increase our competitiveness worldwide. While highlighting the role of cooperatives, he said that there is need for shareholders capitalism in agriculture sector. Dr Ranade further focused on the need to save electricity wastage and identify ways to capitalize on the digital world, which is going to be one of the exciting areas in times to come.

Past President CII and Executive Vice Chairman, Hinduja Group, R Seshasayee said India is amongst the highest savers in the world but there is a problem of transmission because of which only a limited part of savings gets converted into investment and capital formation.

He focused on the importance of converting ideas into actual implementation while saying that Ideas are there but there is a need for skills and implementation. Seshasayee mentioned that we need to improve incremental capital output ratio for better GDP growth.

Productivity of capital assets has stagnated or come down in some sectors like power, said Seshasayee. CII was a pioneer in the area of quality but now there is a need to also focus on productivity, which will have an impact on the competitive position of India worldwide, he said.

He further mentioned that it is time for the digital revolution and in the years to come this sector will grow at a high rate. India can play a crucial role by focusing on this sector. He also highlighted that there is a need for Government and Industry partnership to make a mark in this sector to make India a truly digital economy.