Reserve Bank Governor Raghuram Rajan has joined a task force of the World Economic Forum (WEF) to study the future of global financial system, whose members include bankers and policymakers from across the world.
The 5-day annual jamboree of the world's rich and powerful came to a close in this Alpine resort Saturday, with leaders raising concerns about economic headwinds from China, geo-political risks arising from the refugee crisis in Europe and terror attacks in various parts of the world.
Stating that he remains optimistic about Indian as well as the global economy, the Co-chairman of diversified Hinduja Group called for the Indian policymakers to grab the opportunity to grow faster in the wake of prevailing problems in other markets, including China.
Jaitley also said the political opposition is unlikely to obstruct the reform process, including on the direct and indirect tax reforms, and he was hopeful about the GST getting through as well which is one of the few reforms that has been held up.
Referring to Finance Minister Arun Jaitley's statement here at WEF that "any economy needs multiple engines of growth", Agarwal said it is now becoming increasingly clear that services alone cannot drive India.
Emphasising that India is taking steps to address problems in the infrastructure sector, Finance Minister Arun Jaitley on Friday said multiple institutions are required to meet the funding requirements in this space.
India can stand out in the gloomy global economic situation with headwinds from China and the US if it continues with "reforms and responsible economic planning", Finance Minister Arun Jaitley Friday said expressing confidence that the country will prove its resilience.
India remains a bright spot of economic growth, but it will have to stick to its reform agenda and like any other political system, a lot will depend on the government of the day to carry forward the reforms, US Treasury Secretary Jacob Lew said Thursday.
Stating that monetary policies alone cannot change the world, RBI Governor Raghuram Rajan Wednesday said the governments need to create an underlying framework for growth in the long term for the world economy.
Fears of slow economic growth, including in emerging markets, and concerns over rising terror attacks have cast a shadow over the WEF annual gathering as the rich and influential deliberate on ways to boost global economy.
With a new WEF study warning about a net loss of over five million jobs in next five years due to the fourth industrial revolution, IT giant Infosys CEO Vishal Sikka said there are huge employment opportunities in India but there is a need to impart right skills and training.