Page 49 - DCICAI SOUVENIR 2019
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So, the goal is achievable but expert’s opinion is 6. Banks do not have enough long-term
divided between hope and despair and the big liabilities to match such loans. India does need to
Indian $5 Trillion dream is impossible without expand a deep bond market to take up the financing
looking at and removing below major roadblocks: burden. The slow pace of land and labour reforms
1. India’s gross domestic product (GDP) is need to be fast paced.
sitting at 5% in 2Q2019 and need to expand to 7% 7. Inability of public sector banks to lend
by end of this year. coupled with non-performing assets is also a huge
2. Unemployment is at a 45-year high of 6% issue. Banks need to lend to genuine borrowers as
so government agencies need to work hard in they concentrate on recovering previous loans.
creating jobs for the one million young people who How the government treads the space between
join the workforce every month. its optimism and carefully structured policies
3. To reduce income inequality and reduce will define whether the 5 Trillion dollar dream
poverty, the challenge India is facing despite remains unrealized or is fructified in the near
being the seventh biggest economy is increase in future. Having said that, in my personal opinion,
its income per capita of about $2k a year whereas though Government seems committed to its
in comparison, China’s per capita income is $10k. $5 Trillion dream, authorities need to manage
4. India needs to be organized in a range other factors also, not entirely in its control, such
of areas, unclog the sizeable number of stalled as religious harmony, political stability, global
projects, and remove policy shortcomings that sentiments, widening of tax net and effective policy
were strictly avoidable. implementations. Though my heart is all for this big
5. Slow pace of infrastructure development in dream, my mind is entangled around various data
the last decade placed India at a position where available that indicates the sea ahead is rough and
China was 20 years ago. India needs concrete sailing is going to be tough. But as they say, the
plans to give further boost estimated Rs 100 lakh world is surviving on hope and strong political will
crore infrastructure investments over the next five power….and so Indian Economy is!!
years.
