New Delhi, Sep 17 : Despite the recent economic slowdown, India has the potential to grow at eight to nine per cent in the coming quarters, says S K Sarkar, national president of Indo-American Chamber of Commerce (IACC).
Blaming the global slowdown for the dismal GDP figures which slumped to 5 per cent in the first quarter, Mr Sarkar said, ''India's economy might have grown at 5 per cent in the first quarter, but we have the potential to grow at 8 to 9 per cent. Today, there is a global slowdown, which is affecting our economy as well."
Sarkar told UNI that India's GDP rate fell only behind China among large economies, which grew at 6.2 per cent.
"We have a great advantage. We have a large domestic market so consumption is not an issue. But growth will come through private investment which is not coming. The Government is trying to address this issue. Our export is suffering because of the global slowdown," Mr Sarkar maintained.
On being asked what the government can do to boost the private investment, he said," Increase the business confidence in the country." He also urged the government to increase the FDI limit.
Mr Sarkar urged businesses to adopt modern technology to be a part of the global supply chain.
"I request our businesses community to understand the technological advancement which is taking place all over the world so that we can be a part of global supply chain. We may have theoretical knowledge of subjects but until we apply the knowledge we cannot learn how it is done practically."
Taking the example of the ailing manufacturing industry, Mr Sarkar said ''a lot of technological advancement is coming in this sector like like 3D printing, robot technology, and others but we are not acquiring them.''
"It is easy to say that we do not have skilled labour. I believe skilled labour is developed through experience. Yes, we have skill training institutes, but until our workforce get practical experience, they cannot know how they could use technology," he said.
IACC has set an ambitious target of $500 million trade by 2022. Bilateral trade between the two countries in goods and services grew at an average annual rate of 7.59 per cent in the last decade (2008 to 2018) to $ 142.1 billion.According to Sarkar, IACC would achieve the target by 2024.(UNI)