Basically, we have no idea on what drives growth: Pronab Sen
Do you think that 8 per cent growth is possible in the 12th Five-Year Plan?
I am biased towards the plan because I have worked on it. But let me give you the history. Even in the 10th Plan, from 2002-2007, we had a growth target of 8 per cent. This came on the back of 2002-03, when the growth rate was about 4.6 per cent as we had a bad monsoon and we were still part of the slowdown of 1997. Everybody sniggered at the 8 per cent target. But at the end of the Plan period, the average growth was about 7.6 per cent. Today, our starting point is better — at 5.6 per cent, so growth will be significantly better. The real question is what will you do to make that sort of a turnaround happen? We know from our own history that it is possible.
So what are the steps needed for such a turn around?
The fact of the matter is that corporate investments are down very seriously at 5.5 to 6 per cent of the GDP, which is
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