Dynamic shifts underway that will shape the future of India’s economy: RBI Governor

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The RBI Governor reflected on dynamic shifts in five areas that are underway and will shape the future of the economy.

In his interaction with the CII, the governor focussed on five areas where India can leverage its strengths and position itself as a leader in the league of global players.

These five areas are the farm sector, renewable energy, ICT, global value chains and infrastructure as force multiplier.

The governor complimented the government for ushering in reforms in the agriculture sector that will boost farmers’ income and will add value to the economy. He said that the key challenge before the Indian agriculture sector is surplus management rather than self-sufficiency.

On renewable energy, he said that India has done well in ramping up the installed capacity over the last five years. He said that the share of renewable energy in installed capacity has gone up to 23.4% at the end of March 2020 from 11.8% in March 2015.

He said that the shifts in energy mix will help in lifting the per capita energy consumption.

The Governor took note of global regulatory challenges like that on immigration to India’s ICT sector. He acknowledged India ICT’s role as provider of low cost supplier of knowledge solutions.

He said that India can leverage the growing shifts in global value chains and increase its share in these value chains. He said that the conclusion of bilateral trade deals with US, EU and UK can bolster India’s position in global value chains.

The Governor called for diversification in the financing of infrastructure projects in India.

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Tagged cii, Farm sector, global players, global value chains, ICT, RBI Governor, renewable energy

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