Krishnamurthy Subramanian also highlights the role of private sector in making a “self-sufficient India”
Chief Economic Advisor Krishnamurthy Subramanian on Saturday said that crony capitalism and profiteering is not consistent with ethical wealth creation. India should focus on ethical wealth creation, which is already a part of its DNA.
“We talk about Shubh Laabh which essentially means do good and in the process generate wealth. Crony capitalism and profiteering is not consistent with ethical wealth creation,” Subramanian said while speaking at the CII Eastern Region annual regional meeting and conference here on Saturday.
According to him, when faced with “trade-offs” India should focus on growth. Responding to a specific query on the impact of higher inflationary pressure on the country’s economic recovery in the coming months, he said, “The stage we are in we should focus on growth when faced with any trade-offs.”
Capex spending would be critical to ensure growth and once that happens then sustainability would follow. “We need to grow through capex and public capex is important to get the cycle (growth cycle) to move fast,” he pointed out.
Talking about the need to invest on research and development, he said, the private sector in the country currently spends far less on R&D as compared to some of the OECD countries.
“Innovation requires investment and for our own profits we need to innovate, that is the counter part of wealth creation,” he said.