Emphasizing that the gap in India has always been between the promise and the execution, Reserve Bank of India (RBI) governor Raghuram Rajan has said that implementation remains the major challenge for India's economy and if it can deliver on its promises the country will be 'the place to be.”
Elaborating further, Rajan said that we have enormous infrastructure projects planned. Some of them are in the process of being rolled out. We need to keep at it. We need to do it faster. We need to get these new roads, these new airports, these new railway lines built ... we know what we have to do. We just have to do it.'
Rajan also said that 'If anybody was to look towards a big source of demand in future it would be hard for them to miss India,' he said adding 'If our implementation matches our promise I have no doubt that in the next five or 10 years this will be the place to be so good to get in early'.
The RBI governor though said that that he believes the “implementation gap” which had plagued India in the past is narrowing but also pointed out that it will be some time before India can match China as a global growth engine. He also said that India needed to improve its infrastructure, human capital (knowledge base of the population), regulations and access to finance.
