Indian Economy: Transforming The Elephant Into A Tiger
IN terms of size, the Indian economy is an elephant. It is also herbivores by habit given its democratic structure, unlike the carnivore habits of tigers and dragons. In terms of speed, many people have a misconception that elephants can't run or walk fast. The fact is that elephants can walk as fast as 25 miles per hour, while tigers can run only a shade faster. Bengal tigers can run at 35 mph, but for short spurts and they can't keep this pace for long.
RBI Deputy Governor says,
It is not axiomatic that one should try transforming the elephant into a tiger. Yes, we could do with an added bit of speed but what we should really aim at is developing a tiger's killer instinct. These, together with a better use of our anatomy or resources, both human and capital, would help us achieve what the dragons and the tigers have achieved, perhaps, with a smaller downside. For this to happen, in my view, we need to take the following six steps:
1. Preserve Demographic Dividends by investing in human capital
2. Improve productivity and efficiency
3. Revive infrastructure investments and harness natural resources better
4. Improve governance at every level
5. Enforce Accountability in all walks of life
6. Make finance more responsive to real sector and promote inclusive growth