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States » East

India needs to exploit domestic market for clocking high growth: Director, IMI, Kolkata

Kolkata, Mar 6 (UNI) Professor Arindam Banik, Director, International Management Institute
(IMI), Kolkata outlined the prospects of future growth that can help India attain the target of
a US$ 5 trillion economy by 2025.
While addressing the members of the Chamber at the discussion on a Green Paper
entitled ‘Indian Economy: Current Slow Growth and US$ 5 trillion Target’ on March 6,
at ‘Bharat Chambers’, here, Professor Banik pointed out that the trend of global growth
in the last decade has declined.
Speaking about the declining trend of the global economy, Professor Banik observed
that emerging economies like India, China, Brazil and Nigeria have witnessed low growth
rates in the last decade.
“This can attributed to the protectionist policies of the USA, the country which initially
voiced for trade liberalisation”, he added.
Referring to the role of India’s manufacturing sector in GDP growth, Professor Banik
observed that India’s manufacturing sector is heavily dependent on capital goods and
components from abroad, especially China.
He stated that China’s emergence as a global manufacturing hub has been adversely
affected after the outbreak of the Corona virus and is likely to break global supply chains.
“Like most emerging countries, India too relies on other countries for its growth, either
as a procurer of inputs or exporter of finished goods. Time has come for India to exploit its
own market to clock high growth rates”, the Professor emphasised.
Earlier in his Welcome Address, Ramesh Kumar Saraogi, President stated that the
objective of organising this Session is to prepare a Memorandum covering the Chamber’s
views and suggestions on the roadmap to achieve the US$ 5 trillion target by 2024-25.
He observed that if the Indian manufacturing and agricultural sectors can employ modern technology to attract investments, the decline in growth can be reversed.
Mr Saraogi further observed that skill development with practical orientation can make
our youth more employable which is a great determinant of higher growth.
“We need to concentrate more on exports, mostly through bilateral trade. The Chamber
is actively working in this direction as well”, he added.
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