ANI
09 Dec 2019, 17:33 GMT+10
New Delhi [India], Dec 9 (ANI): The government has a well-thought-out agenda for reforms to beat current slowdown in the economy which is more cyclical than structural in nature, Chief Economic Advisor Krishnamurthy Subramanian said on Monday.
"The steps we are taking, like the corporate tax rate cut, are intended to create a more favourable environment for investments that are required for sustained growth," he said while speaking at the FICCI Young Leaders Summit.
"Private investment is the key driver of economic growth and consumption is a force multiplier," said Subramanian adding that the current slowdown is a lot more on the cyclical side.
"Needless to say that there is a slowdown. But you estimate whether it is cyclical or structural by estimating the potential growth rate of the economy. If the growth potential has changed because of some structural aspects of the economy, then you can say that the slowdown is structural."Subramanian said there has been no change in the demographics, demand and the ability of companies to supply things. "The government is now doing a lot of reforms, and reforms enhance the productivity of the economy. We are taking all the steps that are necessary," he said.
Subramanian also talked about the importance of treating data as a public good. "Data is of the people, by the people, and hence should be for the people. The government should also promote the use of soft infrastructure like data infrastructure, he said.
"High-quality data is extremely important for machines to learn well and make predictions about the right business decisions," said Subramanian.
He also highlighted that technology has been changing the nature of jobs for long and the government must support re-training of people to learn new skills.
(ANI)Get a daily dose of St Louis Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to St Louis Star.
More InformationSLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...