The CEA said he has taken a 'realistic' view while projecting a growth rate of 7-7.75 per cent for the next fiscal and the growth path could be derailed in the event of an 2008-like 'extreme crisis' in the world.
     
"We highlight somethings which could have been done, but have not been done. GST, the strategic disinvestment – that is certainly what we need to do. The whole corporate and bank balancesheet challenges are really important to address," he said.
     
He was replying to queries on what the government should do to achieve 8-10 per cent economic growth, a day after the release of the Economic Survey for 2015-16.

Click here: More scope for rate cut by RBI: CEA Arvind Subramanian

Subramanian said the government is trying to solve the problems faced by the domestic industry by bringing in the bankruptcy law, the UDAY scheme to deal with power sector woes, adequately recapitalising banks and some action to revive the steel sector.
     
"It is a very difficult process. There are a lot of stakeholders. Lots and lots of projects that need to be sorted out. And a fair amount of money is required for this. So, we have to work through this process slowly and steadily. It is not going to happen through some magic wave of the
wand," he said.

 

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