Former Reserve Bank of India (RBI) governor Raghuram Rajan has said that reviving stalled projects and a thrust on infrastructure will be the key to India reaching the 8% economic growth in the short-term. He added that India should focus on removing the bottlenecks on all stalled projects in order to achieve 8-9% growth.
According to Rajan, the biggest problem is the land acquisition, which requires multiple permissions from different departments; these difficulties should be ironed out. He also suggested need to maintain the record of income-tax investigation officers, so can have the effectiveness.
He further said that power distribution companies and the export sector are other major areas of concern. He added that India needs to examine why our infra projects are going so slow and the process of trying to implement the grand infra projects should de-bottle neck those projects. He said, we need to work more on skill developments and create more infrastructure.