Decisive govt can reverse India’s economic situation, says Gokarn

  • HT Correspondent, Hindustan Times, Gurgaon
  • Updated: Jun 27, 2014 12:38 IST

India is currently at the crossroads, which in many ways is similar to the economic scenario in 1991, but a decisive government at the Centre means things could turn better for the country, said Subir Vithal Gokarn, former deputy governor of the Reserve Bank of India at the second edition of “Bridge Briefings” hosted by the BRIDGE School of Management.

BRIDGE School of Management is a joint venture between Apollo Global Inc, and HT Media Ltd that aims to address the talent needs of the industry.

“This is a crossroads moment for India, a point at which things could go very positively or very negatively and in many ways where we are today resembles where we were in 1991. The economy was under extreme stress during that time. But we had a growth spurt for 5 years in the early 2000s and India was seen as an upcoming super power. Going forward, the choices that the government makes over the next few months, the direction in which it steers the Indian economy is extremely critical as it is going to make or break the situation," Gokarn said in his key note address “What’s Next for the Indian economy”.

Gokarn is also a senior fellow, foreign policy, global economy and development, director of research, Brookings India.

BRIDGE School of Management organises “Bridge Briefings” every quarter inviting thoughts from the industry on the most relevant topics in the field of management education in India. This is the second edition of Bridge Briefings.

Gokarn also offered insights as to where Indian economy stands today in light of the current macro-economic problems and offered insights on how it can progress if the new government takes the right steps. “...a clear mandate means that the government does not need to do the political balancing act.”

It is very important to address the issues related to skill impartation and the challenges of job creation, he added.

Senior executives of Indian and multinational companies attended the session.

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