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Economic Survey 2019: India needs savings from abroad to trigger investment, says CEA Krishnamurthy Subramanian

Updated : July 04, 2019 10:19 PM IST

After union finance minister Nirmala Sitharaman tabled the Economic Survey for 2018-19 in Parliament, chief economic adviser Krishnamurthy Subramanian on Thursday said India must tap into some of the foreign savings to trigger investment as global interest rates are benign.

In an exclusive interview to CNBC-TV18, Subramanian said corporates should tap more into external commercial borrowings as this is a tangible step to push private investment and lower fiscal deficit and will bring down India’s interest cost in market borrowings.

"In the last five years, Beti Bachao, Beti Padhao and the Swachh Bharat Abhiyan, we have indeed shown to ourselves more than anybody else that we really can bring behavioural change. We have also provided evidence on how the Swachh Bharat mission has really helped improve health outcomes," the chief economic adviser said.

Speaking on the steps that can be taken to bring about productivity improvements, he said, "Number one technology, number two the administrative backbone of the legal system and third if we look at the vacations in the high courts and the Supreme Court, it is much higher than the lower courts. So reducing that can actually enable productivity improvement as well."
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