Decades of prioritizing economic growth over social equity has led to historically high levels of wealth and income inequality, Menon says.
The economic advisor said that 'unprecedented steps' invite 'unintended consequences'
The general consensus about the economy’s outlook was positive at India Economic Summit, with industry players believing that demand would pick up in the next few quarters, beginning the festive season
According to United Nations unemployment in India will rise to 18 million in 2018 with automation as the major threat
Watch accompanying video of World Economic Forum's India Economic Summit to know what India Inc has to say.
"LIC and other pension funds must step in... definitely that money needs to be leveraged," Abhishek said here at the India Economic Summit, jointly organised by CII and WEF.
Watch the who‘s who of business fraternity speak about Indian economy at the World Economic Forum's - India Economic Summit.
Indian Railways had floated expression of interest for developing ultra high-speed trains in the country in which top global companies have shown interest.
The Goods and Services Tax will help India progress and increase productivity, says John Rice Vice Chairman, GE Global. He is optimistic about General Electric's business in India. He forecasts a growth of high single to double digits in the India business.
Stating that SAARC accounts for just 5 percent of the total trade of the member countries, the minister said barriers like high cost of trading in the region and absence of regional value chain have hindered growth of economic co-operation.
The five states -- Karnataka, Tamil Nadu, Andhra Pradesh, Kerala and Telangana -- have a population of 250 million and a combined GDP of nearly USD 450 billion and with the addition of Sri Lanka of 22 million people and USD 80 billion economy, the GDP "in the sub-region will be USD 500 billion", he said.
Commerce Minister Nirmala Sitharaman will today open the two-day India Economic Summit here which will focus on issues like digital transformation and regional economic integration.
"This year's summit comes at an important juncture as India is the fastest-growing G20 economy just as the world is entering the Fourth Industrial Revolution," said Viraj Mehta, Head of India and South Asia at the World Economic Forum.
Finance Minister Arun Jaitley today expressed the confidence that Insurance Amendment Bill, which seeks to raise the Foreign Direct Investment (FDI) from 26 per cent to 49 per cent, will be passed in the forthcoming Winter Session of Parliament.
Referring to coal as "an essential input for power", the Minister also called for an increasing private sector role in coal production and expressed interest in new gas discoveries and ways to get gas plants back on stream.
Stating that power is going to drive the economy, Goyal said that government will focus on long-term bankable Power Purchase Agreement (PPAs) for renewable energy. He expects power demand to double in next five years.
India's leading industrialist and chairman of Reliance Industries Limited (RIL) Mukesh Ambani on Sunday called India as a land of billion opportunities, and not problems.
World Economic Forum (WEF) today said its annual India Economic Summit will be held in the financial capital over the coming week-end, the first time that it is travelling out of New Delhi in its two-decade history.