'India can achieve 10% GDP growth'.

LUCKNOW: "Over the next decade, China will be joined by India and Brazil as the leading players of the world economy, while US and the economies of Western Europe will witness a declining trend," said Prof Nirupam Bajpai, director, Columbia Global Centers, South Asia and senior development advisor, Earth Institute, Columbia University at a special oration on 'Future of the Global Economy' at Tata Consultancy Services (TCS) on Thursday.

Addressing an audience comprising corporate sector managers, academicians, bureaucrats, technocrats and NGO workers, he said that for countries like India, good economics backed by good governance is essential. The country, being the youngest nation, needs 16 million new jobs every year and thus positive changes in the economic policy are urgently required, he added.

"For India, challenges are enormous but if some fundamentals, including basic health care, education and family planning issues are dealt with seriousness along with set targets, the future will be bright and a 10% GDP growth will no more be a distant dream," said Prof Bajpai.

Talking about effective solutions he said that if India adopts a strategy that focuses on labour-intensive manufacturing (domestic and foreign), agro-based industries and in the Research & Development sector, the country will soon emerge as knowledge based economy and all the basic challenges in the areas of rural development, infrastructure, urban sustainability, human capital and population will be minimized to a great extend.

Despite major hurdles like infrastructure constraints, water scarcity, power problem and a political system that does not deliver, India still survives and therefore the need is just to recognize the potential sectors(SEZ's, R&D sector, labour intensive manufacturing units) and work towards creating an enabling environment for all civilians", said, Prof Bajpai.

Source : timesofindia.indiatimes.com