'Indian economy suffers from policy paralysis'

“For the last two to three years, Indian economy has been suffering from policy paralysis. A whole lot of issues including environment have left unresolved.

For this stagnation, investments worth about 150 million dollar has been hanging without getting clearance,” noted ICICI Bank non-executive Chairman K V Kamath. 

He was delivering the Aloysian conclave address at the conferring of Aloysian Alumni awards-2014 organised by St Aloysius College Alumni Association (SACAA) at college premises here on Saturday. 

Kamath stressed that removing the bottlenecks pertaining to the policies and attracting investment will get back the country to the earlier track of 9 per cent GDP growth. 

He elaborated that it took a long 25 years for India to increase its per capita income from 250 dollar to 500 dollar in 2004. But as a result of opening up of market, it took only four years to double 500 dollar to 1000 dollar. 

It again frog leaped to 1500 dollar in just another three years. These are the rapidity of changes taken place. Yet our growth went on a reverse since 2011 because of stagnant policies. “Growth has hit a wall in terms of infrastructure,” he remarked. 

Award conferred on 5 alumni/ae

St Aloysius College Rector Fr Denzil Lobo and Principal Fr Swebert D’Silva conferred the eminent Aloysian Alumni Awards on K V Kamath, Lena Fernandes (50 years of service in education field), Allen C A Pereira (Former GM, personnel and services, Syndicate bank), N G Mohan (MD, Beta agencies and projects pvt ltd) and Y Sudhir Kumar Shetty (Chief Operating Officer of global operations, UAE Exchange).  

The awardees on their reply speech reminisced the values and lessons their alma mater had inculcated in them through dedicated teachers and disciplined ambiance. Fr Denzil Lobo presided over the programme. St Aloysius College Alumni Association President Michael D'Souza and Prof Edmund Frank also spoke.