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Debate on freebies is welcome: Ex-RBI guv
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IANS | 16 Aug, 2022
Former Reserve Bank of India (RBI) governor D. Subba Rao has welcomed
the current political debate over the issue of providing freebies to the
people.
He was speaking on India @75 - Marching Towards
$5 Trillion Economy on the occasion of 75 years of Indian Independence
held at FTCCI on Monday.
"Good that Prime Minister Narendra Modi
triggered a debate on state subsidies. All political parties are at
fault for the situation. The states and Union government must realise
that, we do not have surplus budgets and while some safety net is surely
needed, they must be cautious and selective on what freebies to be
given from borrowed monies and the future generations should not be
burdened with unnecessary debt burden," he cautioned.
The former RBI chief opined that India can emerge a 5 trillion economy only by 2028-29.
"India
can become a 5 trillion economy as envisaged by Prime Minister Narendra
Modi not before 2028-29. Also, for this, we need to clock an annual GDP
growth of 9 per cent consistently for the next 5 years," Subba Rao
said.
He listed eight challenges in the journey to achieving a 5 trillion dollar economy.
"These
include increasing investment; improving productivity; improving
education and health outcomes; creating jobs; raising agriculture
productivity; maintaining macroeconomic stability; managing global mega
trends and improving governance," Subba Rao elaborated.
Noting
that while India has made strides in all spheres of lives in the last 75
years, Rao pointed out that 200 million Indians are still under the
poverty line which is a huge concern.
He stressed on the need to
take along 600 million people in all the development activities. With
12 million youth entering the job market every year, its only
manufacturing sector which can provide jobs of that scale and not the
Agriculture, or services sector, he opined.
On the occasion,
FTCCI has released a booklet of compilation of industrial growth
strategy over the last 7.5 decades on the occasion of 75 years of
independence.
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