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Deepak Parekh: Addressing key issues imperative for 10% GDP

Kolkata, Sept 24, 2010 (Calcutta Tube/IBNS): For India to attain a double-digit growth rate, the government needs to address issues related to land, infrastructure, financial inclusion and agriculture, said financial company HDFC’s chairman Deepak Parekh here on Thursday.

Addressing the 37th National Management Convention of the All India Management Association’s (AIMA) valedictory session, he said, financial inclusion should be taken up immediately to address the income disparity between rural and urban India and banks should explore new areas, avenues to address the problem.

Parekh said that at present, the per capita income in India was USD 1,050 and it is expected to become USD 3,000 by the year 2030.

The investment potential in infrastructure is huge and that is the reason, the government is encouraging Private Public Partnership (PPP) models, he asserted.

Pradeep Kashyap, chief executive officer of knowledge consultancy firm MART, said that rural India counts for more than 50 per cent of India’s gross domestic product (GDP) and it is growing at 14 per cent as compared to urban India which is growing at a rate of 8 per cent only.

Nokia India vice president D Shivakumar said that technology adaption has always led to disruptive growth.

He said that mobile penetration should be included as one of the parameters of a social indicator since a 10 per cent increase in mobile penetration translates to 1.2 per cent increase in GDP.

Shivakumar said that 3G, UID (Unique Identification), Financial Inclusion and Health Management are the four driving forces to change the future of rural India.

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