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 Argentina 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 Argentina Star.
More InformationATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...