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  3. Need to stimulate investments for high growth: Rangarajan

Need to stimulate investments for high growth: Rangarajan

13 Feb 2013 Evaluate

Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan  has said that to get back to high growth path, the government needs to stimulate investments, besides addressing other macro-economic concerns. The statement comes at a time when the industrial output contracted to 0.6% for the reporting month, on the back of poor performance of manufacturing and mining sectors and decline in production of capital as well as consumer goods.

As per Rangarajan, investment rate has fallen but it is still growing at a rate of 30-32%. By adding further he said, ‘we need to look at the fact that we have not been getting the full benefits of the investments that we have put in. If we activate these investments, we can get a higher growth.’

On the growth front, Rangarajan is of belief that in the next fiscal, the economy should be able to grow at 6-7% and 8% thereafter. However, showing a different picture of the economy, last week, the Central Statistical Organization (CSO) in its advance estimates pegged economic growth in 2012-13 at 5%, as against the government projections of 5.7-5.9%.

Further, highlighting the factors behind the high current account deficit (CAD), Rangarajan said, ‘the CAD has been high due to a variety of factors like excessive import of gold plus demand for our exports has been coming down. Whereas, our economy continues to grow at a relatively higher rate as compared to Europe or other developed countries, so our imports continue to be a little strong.’

Recently, the Reserve Bank Governor D Subbarao too has cautioned that the country was headed for the highest ever CAD this fiscal after it rose to 5.3% of GDP in the second quarter. However, expressing hope on the government, Rangarajan said the government was committed to walk on the path of fiscal consolidation and the ‘fiscal deficit in current year will be close to the targeted 5.3%.’

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