Nation’s inflation kept under control, says CEA Krishnamurthy Subramanian

Chennai: The country's Inflation is well under control at 4.5 per cent from the earlier 10 per cent and there is a high level of growth across all verticals since liberalisation, said Dr Krishnamurthy Subramanian, Chief Economic Adviser, Government of India.

In his keynote address at CII Southern Region Annual Regional Meeting and Summit on 'Industry Future Forward - India @75 : Building an Inclusive Agenda in the Disruptive Growth Era' organised by the Confederation of Indian Industry (CII) here on Friday, he said that the growth had been achieved amid  global economic challenges and India had made it a point to hold its head high in the comity of nations.

The noted economist also said that domestic consumption had got a boost because of the low inflation backed by a strong monetary policy framework with lots of path-breaking reforms. Stating that the GST had acted as a game changer for India to become a single market, he said that the time had come for taking disruptive ideas of all kinds in the right sense, as all of them were aimed at the overall development of the country.

Dwelling at length on the aspect of culture of credit vis-a-vis the bankruptcy code, Subramanian said that the doctrine of pious obligation always emphasised the need to clear the debt as one of highest moral duty of the borrower. M Damodaran, Chairman, InterGlobe Aviation Ltd, said that the country needed disruptive challenges to prosper and wanted the CII to set the pace on that count. In an age of disruption, the country should have the  ability to know its own strength and at the same level the enemy's weakness in drawing the battlelines, he remarked.

Rakesh Bharti Mittal, president, CII, emphasised on engaging the youth on various employments by launching vocational training centres at the school level itself. Vikram Kirloskar, vice president, CII, stressed on the need to be highly competitive to stay ahead of the growth curve with a pointed reference to the use of its nature and spirit in the aviation sector.

Earlier, R Dinesh, chairman, CII Southern Region, spoke on the general economic climate in the country. Sanjay Jayavarthanavelu, deputy chairman, CII, Southern Region, said that the CII as an industrial body always helped the nation in achieving its economic growth with a sense of inclusiveness.