‘Political reform a speed bumper on super-highway Indian economy’
24 Jan 2014 11:24 PM GMT
Friedman, also well known for his book best-seller The World is Flat, emphatically added that he remains ‘hugely optimistic about India’.
‘People often ask me about India, China. For me they are two super highways but they are difficult... For India, some white lines are not there, there may not be some sidewalks. But it still a super highway when you drive on it. But whether that is a mirage or true, I don't know,’ he said.
Friedman was participating at a session on India Outlook at the World Economic Forum (WEF) here, where Finance Minister P Chidambaram, too, was present. Referring to the highway imagery invoked by the celebrated American commentator, Chidambaram said a that speed bumper like political reforms cannot be fixed easily.
‘Things like street lights not working, white lines not being there, those things can be fixed. But if there is a speed bumper like political reforms, it cannot be fixed so easily. Fixing street lights and white lines are a much easier job,’ noted Chidambaram who holds Bachelor’s and Master’s degrees in Statistics from the University of Madras, a degree in Law and an MBA from Harvard Business School.
His comments came at a time when some of the reform initiatives of the government are facing opposition from political parties. The Indian economy is expected to grow 5 per cent in the current fiscal and over 6 per cent in the next financial year.
The country's growth rate slipped to a decade-low of 5 per cent in fiscal 2012-13. According to Friedman, he still believes in India's huge human resource pool. ‘Its noisy, its messy, it can be violent at times, but India is a country that still remains a true democracy.
India's pluralism and its ability to manage it is a big lesson for whole world. At the end of the day, it is governance that matters,’ he said. Regarding the Chinese economy, Friedman said that the country has very good roads but there is a speed bumper called political reforms.
‘My country will create 100 million manufacturing sector jobs by 2022’
DAVOS: India is trying to create 100 million skilled jobs in the manufacturing sector by raising its share in gross domestic product (GDP) to 25 per cent from 16 per cent, Commerce and Industry Minister Anand Sharma has said here.
Sharma is here for the World Economic Forum (WEF) annual meet where he would also have interactions with top executives of large firms from across the world. 'India aims to raise manufacturing (sector's) share in GDP from 16 per cent to 25 per cent and create 100 million skilled jobs. This is a must do,' Sharma emphasised.
According to the minister, India needs to expand its manufacturing sector to boost exports and ensure sustainability. As part of India's national manufacturing policy (NMP), the country is seeking to boost the sector's growth and ramp up its share in the country's gross domestic product to 25 per cent from the current 15-16 per cent in the next decade. The target is to create 100 million jobs by 2022.
The decline in manufacturing sector growth rate has cast its shadow on the country's exports that slowed down to about 6 per cent last November. Sharma has been meeting top executives of global firms, including Diageo, Heineken and Shell, and pitching the India growth story. He is among a large delegation of ministers as well as business leaders from India who are attending the World Economic Forum annual meeting in this Swiss ski resort town.
During his meeting with various high level executives of global companies on the sidelines of the World Economic Forum meet, Sharma assured them about the growth potential of the Indian economy.
Apart from global spirits major Diageo's Chief Executive Officer Ivan Menezes, Sharma met executives from private equity player Carlyle.
The minister also held meetings at India Adda, which is set up here every year by India Brand Equity Foundation (IBEF). Sharma is also meeting US Trade Representative Michael Froman and World Trade Organisation chief Roberto Azevedo on the sidelines of the WEF meet.
‘People often ask me about India, China. For me they are two super highways but they are difficult... For India, some white lines are not there, there may not be some sidewalks. But it still a super highway when you drive on it. But whether that is a mirage or true, I don't know,’ he said.
Friedman was participating at a session on India Outlook at the World Economic Forum (WEF) here, where Finance Minister P Chidambaram, too, was present. Referring to the highway imagery invoked by the celebrated American commentator, Chidambaram said a that speed bumper like political reforms cannot be fixed easily.
‘Things like street lights not working, white lines not being there, those things can be fixed. But if there is a speed bumper like political reforms, it cannot be fixed so easily. Fixing street lights and white lines are a much easier job,’ noted Chidambaram who holds Bachelor’s and Master’s degrees in Statistics from the University of Madras, a degree in Law and an MBA from Harvard Business School.
His comments came at a time when some of the reform initiatives of the government are facing opposition from political parties. The Indian economy is expected to grow 5 per cent in the current fiscal and over 6 per cent in the next financial year.
The country's growth rate slipped to a decade-low of 5 per cent in fiscal 2012-13. According to Friedman, he still believes in India's huge human resource pool. ‘Its noisy, its messy, it can be violent at times, but India is a country that still remains a true democracy.
India's pluralism and its ability to manage it is a big lesson for whole world. At the end of the day, it is governance that matters,’ he said. Regarding the Chinese economy, Friedman said that the country has very good roads but there is a speed bumper called political reforms.
‘My country will create 100 million manufacturing sector jobs by 2022’
DAVOS: India is trying to create 100 million skilled jobs in the manufacturing sector by raising its share in gross domestic product (GDP) to 25 per cent from 16 per cent, Commerce and Industry Minister Anand Sharma has said here.
Sharma is here for the World Economic Forum (WEF) annual meet where he would also have interactions with top executives of large firms from across the world. 'India aims to raise manufacturing (sector's) share in GDP from 16 per cent to 25 per cent and create 100 million skilled jobs. This is a must do,' Sharma emphasised.
According to the minister, India needs to expand its manufacturing sector to boost exports and ensure sustainability. As part of India's national manufacturing policy (NMP), the country is seeking to boost the sector's growth and ramp up its share in the country's gross domestic product to 25 per cent from the current 15-16 per cent in the next decade. The target is to create 100 million jobs by 2022.
The decline in manufacturing sector growth rate has cast its shadow on the country's exports that slowed down to about 6 per cent last November. Sharma has been meeting top executives of global firms, including Diageo, Heineken and Shell, and pitching the India growth story. He is among a large delegation of ministers as well as business leaders from India who are attending the World Economic Forum annual meeting in this Swiss ski resort town.
During his meeting with various high level executives of global companies on the sidelines of the World Economic Forum meet, Sharma assured them about the growth potential of the Indian economy.
Apart from global spirits major Diageo's Chief Executive Officer Ivan Menezes, Sharma met executives from private equity player Carlyle.
The minister also held meetings at India Adda, which is set up here every year by India Brand Equity Foundation (IBEF). Sharma is also meeting US Trade Representative Michael Froman and World Trade Organisation chief Roberto Azevedo on the sidelines of the WEF meet.
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