New Delhi, Nov.8 Industrialist Rahul Bajaj on Sunday said inefficiency and corruption were the two main reasons for poor implementation of government projects and there was a need to revamp the system for betterment.
Speaking on the sidelines of the three-day India Economic Summit 2009 in New Delhi, Indian industrialist Rahul Bajaj termed corruption and inefficiency as the reasons behind the slower economic growth of the country.
"I would say education helps and then physical infrastructure...with roads, ports and all that in the next level, we are terrible compared to even China and there comes the problem of implementation. There are two major reasons behind improper implementation and they are inefficiency and corruption. When we have a leader who gets credit for everything good, he should get the debit for everything which is not good. The whole system since the last 60 years needs to be revamped. Elections just happened. From where did so much money come? Look at our former Chief Minister of Jharkhand," said Rahul Bajaj, Chairman of the Bajaj Group of Companies.
Prime Minister Manmohan Singh addressed the three day India Economic Summit 2009 in the national capital on Sunday (Nov.8.
The development of high quality infrastructure is an essential requirement to fulfil India's ability and capability of rapid growth. The country has some ambitious programme of investment in all the key infrastructure sectors: Power, roads, ports, airports, telecommunications, irrigation and urban infrastructure.
To achieve inclusive growth, expansion of government expenditure is required in critical key social sectors, especially health and education, including skill up gradation of workforce on a massive scale.
India's growth rate has accelerated from 5.6 percent in the 80's to an average of nearly 9 percent in the 5-year period preceding the global financial crisis.
The Indian economy grew at a rate of 6.7 percent in 2008-09 as in the current financial year, slower than the 9 percent because the country faced the adverse impact of an inadequate monsoon and the resultant slowdown in our agricultural economy. (ANI)
