D Subbarao stresses on 10-point agenda for nation's development

Kolkata: Emphasising the need to boost up the country's economy, former Reserve Bank governor D Subbarao stressed on a 10-point agenda which is emerging to be an essential factor towards development.

He was delivering the inaugural anniversary lecture of Bandhan Bank here at a city hotel on Wednesday. The topic of the lecture was "India: Will the Elephant Start Dancing?"

Subbarao said if India needs to see real development, it must bring a revolution in manufacturing industry which will create jobs in the country.

According to him, service industries will no longer create jobs. He also pointed out that it is difficult for India to replicate China's model as the latter had started manufacturing in large scale and offshoring their products to foreign countries in the 80's whereas it came in India in the 21st century.

Speaking on the creation of jobs, the former RBI governor said that the present government in the Centre not yet delivered in this sector.

Agriculture productivity issue is another sphere where India is lagging behind the other developed countries. It is one of the challenges India is currently facing, he said.

He stressed on the increase in the productivity in agriculture. It would not develop unless a certain labour law is prepared, infrastructure of roads is revamped and skill labourers are inducted. Acquisition of land is also big problem in some parts of the country which is detrimental to overall development.

Speaking in this context, he said that waiving of the farmers loans must be carried out in a more wise and effective manner so that poor farmers are benefitted.

Investment in infrastructure, improvement in productivity in agriculture, improvement of governance are the important factors towards a sustainable development.

Speaking on the occasion, Chandra Sekhar Rao, founder and Managing Director and Chief Executive Officer, Bandhan Bank said: "As we complete two years as a universal bank today, I am happy that we have not only been able to meet the targets but also exceeded on some of things. Currently we have 3,667 touch points pan India consisting of 840 bank branches , 2,444 Doorstep Service Centers or banking outlets and 383 ATMs. We started with 501 branches at 50 ATMs two years ago."