Das observed the spectacular progress in renewable energy has set the stage for India to scale up the share of renewable energy in total electricity generation to 40% by 2030.
Reserve Bank of India (RBI) governor Shaktikanta Das on Monday said non-performing assets (NPAs) relating to infrastructure loans of banks have remained at elevated levels. “There is clearly a need for diversifying financing options,” the governor observed, adding that a big push for mega infrastructure projects can reignite the economy, as in the case of the golden quadrilateral.
“This could begin in the form of a north-south and east-west expressway together with high speed rail corridors, both of which would generate large forward and backward linkages for several other sectors of the economy and regions around the rail/road networks,” Das said while addressing the Confederation of Indian industry (CII) national council.
Emphasisng the need to encourage start-ups, the governor said India can leverage the growing shifts in global value chains and increase its share in these value chains. “Promoting young firms and start-ups will be critical for greater employment generation and higher productivity-led economic growth in India,” he said. Das believes the key challenge for the agriculture sector is surplus management rather than self-sufficiency. “Shifting the terms of trade in favour of agriculture is the key to sustaining this dynamic change and generating positive supply responses in agriculture,” he said.
Das observed the spectacular progress in renewable energy has set the stage for India to scale up the share of renewable energy in total electricity generation to 40% by 2030. These dynamic shifts in renewables could help increase India’s per capita electricity consumption, currently among the lowest in the world, he added.