"India is going to be a super economy power in next two decades with its productive population and less dependency ratio” said Deputy Governor RBI at Kristu Jayanti College, Bangalore
“I ’am not disappointed with the current poor growth rate, and this painful situation (7% growth rate) is going to continue for another one year, and one should not be worried about this lower growth rate and higher inflation, as the country is expecting a spectacular growth rate in the next two decades” said, Dr. KC Chakrabarty, Deputy Governor, Reserve Bank of India. He was addressing students of Kristu Jayanti College on the topic ‘The Current Economic Scene- A way forward’ during the occasion of ‘Vichaarmanthan’, a program intended for the students to interact with various global visionaries.
“India is going to be a super economic power in next two decades as we will be holding the most productive population with less dependency ratio” added Dr. KC Chakrabarty. He also pointed out the fact that, we should transform into a knowledge society, as our major revenues are through the service sector. But the current scene is that the 50% of the population strives on agriculture, and the revenue generated from this sector contributes only 14-15%. Therefore, the country should shift its labour force from agriculture to the manufacturing and knowledge sector. He was also of the opinion that the higher inflation rate is another factor that retards our growth rate, and the country should be in a situation to produce more materials at a lower rate, and reduce overseas educational expenses to bring down the inflation rate. To convince the growing overseas investments in education, he gave a statistic that around 15 billion US dollars are invested by our students for studying abroad, and the government should bring in quality educational institutes to make our students more employable in the country to lower this expenditure.
Speaking about the banking sector in the country, he said “they are not failing because our banks are not taking any risks, and hardly 50% of Indians avail the banking system, and only 10% have access to the credit facility”. Adding to that, Dr. KC Chakrabarty also gave a threefold advice to the students, i.e., to be third generation literate, so that they will be well versed to use and generate information; avoid complacency, and strive for more innovation and experimentation in life; and finally to awake hope in desperate times. He also answered a number of other questions ranging from inflation to FDI issues in the retail sector.Rev. Fr. Sebastian TA, Principal; Rev. Fr. Jose P.J., Financial Administrator and Head, Department of Social Works; Rev.Fr. Augustine George, Head, Department of Computer Science; Prof. Aloysius Edward, Staff Co-ordinator, Vichaarmanthan; and Ms. Prajwali, Student Co-ordinator, were also present