Former Chief Economic Advisor Arvind Subramanian has said that while India has achieved macroeconomic stability and improved returns on investment, the government must now concentrate on lowering risks faced by private investors to ensure inclusive and sustainable growth.

Speaking to CNBC-TV18, Subramanian said, “The government has been very successful in increasing the returns to investment, but the risks to investment have not gone away and still remain very high. That’s what the government needs to focus on going forward.”

Reflecting on India’s economic journey since liberalisation, he pointed out that the post-1991 period witnessed rapid economic expansion, yet failed to generate enough formal jobs. “We had spectacular growth, even by international standards, something like 6-6.5% pe

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