Focus should be given for government’s ambitious schemes like Make in India so that it could lead the path of development and fast growth, said Chanda Kochhar, MD and CEO of ICICI Bank.
“There is a genuine effort and a genuine intent on the part of the government to make these changes happen. We are seeing a whole lot if focus on e-governance…I think what is stopping us from getting to the nine or 10 per cent growth rate is that we still have to do and execute the lot of the intent that we have laid out,” said Kochhar in a keynote address to the India Conference 2016 of the Harvard University.
She also said that the need is to strengthen the institutional framework.
“Whether it is the bankruptcy code nor the speed at which our parliamentary system works, things like GST bill is yet to be passed, so we have to really improve our institutional framework,” Kochhar said.
“We also have to recognise the fact that when we talk of manufacturing or infrastructure, there are quite a few impediments as things are set up. When people have to get access to land, have to get access to natural resources, I think, projects get delayed beyond a point. And that is something where during the implementation process, we have to bring about a lot more efficiency,” she said.
If India has to reap the benefits of the demographic dividends, India has to focus on some of the long-term things like education, skill development and health.
“Only when we equip our youth with the education, with skills and make them employable, then only India would get the true demographic dividend. It is really upon us; how do we take benefit of it. Similarly the dichotomy is infrastructure. We have invested very less in infrastructure which gives us huge potential to create investments and the multiplier factor. But if we do not land up doing that, we would create a bottleneck to our growth,” she added.