'Private companies have capital, must invest in India's growth journey,' says EAC to PM S Mahendra Dev

S. Mahendra Dev.(Image Courtesy: @CsdHyderabad/x)

Private companies have a lot of capital and now they should invest in India’s growth journey, Eonomic Advisory Council to the Prime Minister (EAC-PM) S Mahendra Dev said on Sunday, emphasising that investments and exports will drive the country’s economic growth.

Dev further said the quality of employment is an issue that is why the government is trying to increase employment in the formal sector.

“Investments and exports will drive growth… private sector has a lot of capital, now they should invest in India’s growth journey,” he said at an event to launch a book titled ‘EVERYTHING ALL AT ONCE’.

According to a recent Reserve Bank of India (RBI) article, capital investment by the private sector is likely to rise 21.5 per cent to Rs 2.67 lakh crore in 2025-26, aided by robust macroeconomic fundamentals, and a 100-bps policy rate cut.

Dev noted that India’s young workforce and digital technology are its strength.

Noting that Viksit Bharat means inclusive growth, he said, “extreme poverty in India has declined significantly”.

The EAC-PM said there is a need to improve state capacity and focus more on decentralisation.

He also pointed out that India is on track to achieve net-zero target and the country needs to reduce dependence on coal.

Speaking at the event, former NITI Aayog vice chairman Rajiv Kumar, who is the co-author of the book, said private enterprises have played an important role in India’s growth story.

He also stressed on the need to promote natural farming.