Outlook Money Conclave
India ’ s GDP Will Grow at 9 Per Cent Only If Net Exports Surge : Debroy Year-end GDP growth may inch up to 7.5 per cent
Financial services companies are in the eye of a storm , thanks to disruptive technologies and evolving customer expectations . Existing business models are being challenged by the more agile fintech companies and new distribution channels . Outlook Money Conclave , in its maiden edition , brought together thought leaders and industry captains to harness cutting-edge ideas and disruptions that are changing the face of financial services . The Conclave will act as an exchange where the best of ideas will be listed year after year . The event , which spanned over two days , saw stalwarts from banking , broking , insurance , wealth management , telecom and government discuss the future .
Shri Bibek Debroy , Chairman , Economic Advisory Council to the Prime Minister , was chief guest at the Outlook Money Awards and spoke on the main drivers of India ’ s economic growth
The Indian economy will not grow at nine per cent rate unless net exports improve drastically , believes Bibek Debroy , Chairman , Economic Advisory Council to the Prime Minister .
Delivering a special address at Outlook Money Conclave 2018 , Debroy said , “ The end-of-year rate would be closer to 7.5 per cent . Maybe , next year it would be eight , but nine per cent is a long way off .”
Debroy said the Centre ’ s inclusive growth-based economic policies rested on three principles .
“ The first principle is that , regardless of where a citizen happens to reside geographically in India , he must have access to certain minimum level of public goods and services ,’’ he said .
The second principle was to provide every entrepreneur in India an enabling business environment . The third , according to Debroy , was that there would be households requiring subsidies and the only way to reach out to them was through a decentralised census .
He observed that improvements in investment required significant changes in the way banks , especially PSU banks , functioned . “ It requires an overhaul of nonperforming assets ( NPAs ) as well as of assets that have not become NPAs by pre-empting them and ensuring that they don ’ t actually become NPAs ,” Debroy said .
The finance ministry would soon announce details of the recapitalisation plan for public sector banks , he said .
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Outlook Money April 2018 www . outlookmoney . com