A file photo of RBI Governor Raghuram Rajan
Reserve Bank of India (RBI) Governor Raghuram Rajan while addressing an industry body at an event in New Delhi on Friday said, it is important not just to 'Make in India' but also 'Make for India'.
Former Prime Minister Manmohan Singh is also present at the event.
Here are the highlights from his speech:
- Important to plan for a global economy which won't be as strong as in the pre-crisis years
- India should focus on 'Make In India' as well as 'Make For India'
- To improve productivity improve human capital- make sure they are healthy and enabled with appropriate education
- For Make in India, we need to improve the efficiency of producing in India
- We will have to be reliant on domestic demand
- 'Make in India' is more about creating the environment rather than specific sectors
- To attract foreign investment we must ensure policies, especially on taxes are transparent
- We have to work towards a more fair global system
- We have to pay attention to financial stability
- RBI will start talks with the government for an appropriate timeline to ensure the economy is within a medium term inflation target of 2-6 per cent
- Several economies flirting with deflation
- Global economy weak despite recovery in the US
- Emerging markets have to depend on domestic demand
- Domestic demand has to be financed responsibly
- Banks have to learn from past mistakes in project evaluation
- Low and stable inflation ensure best conditions for growth
- Strong US growth could move the world economy out of tepid recovery
- Low oil prices are net positive for the world economy
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