“People’s incomes are going down, which is what we have to think about when we talk about innovation,” said Om Prakash Bhatt, Chairman of the State Bank of India at India Economic Summit. “We have to look at the numbers and quality of life. [Millions] are living on less than one-half a dollar per day. We do not have inclusive growth in India, which means we do not have sustainable growth.”
Public-private partnerships have the potential to drive growth, particularly in the agricultural sector, but government’s role should be limited. “Government needs to create a healthy environment for entrepreneurship, but should not be restrictive. I believe in the power of entrepreneurship and in giving people economic freedom,” said Sriram Raghavan, Chief Executive Officer, Comat Technologies, India, and a Young Global Leader.
See full Press Release.
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