Viewpoint: The road ahead

06 JAN,2020 | MEDC


 

The new decade has begun in the aftermath of the global financial crisis, and it is spawning a huge amount of economic uncertainty all over the world. With the US China trade war showing no signs of easing, even though the macro environment is still not generally favourable, a good deal can be done to enhance the resilience of the global banking and financial system. In this context, the RBI Governor has rightly emphasized the need for improving governance, including in private banks. In India, there is an urgent need to review governance standards in the entire credit market ecosystem, as well as back it up with a carrot-and-stick approach. That will enhance the competitiveness of our MSME sector and help send a message about the importance of following regulations. In the real sector, climate change is going to be a game changer. Thanks to economic globalization, we share a common environment, and it does not look too good anymore, in terms of climate impact. India’s agricultural sector, in particular, will be badly hit unless we are able to manage global warming. In the past three decades, much of global growth has been at the cost of the environment. Even if the local air has been cleaned, emissions have often been externalized beyond national boundaries. The world cannot afford such a “development” model anymore. However, if the rich spoilt the environment for economic gain in the past, the poor are bound to do so in the future. We all may have had different pasts, but we are increasingly headed into a common future. India is blessed with a unique demographic dividend and we will be doing it a great disservice if we are unable to walk the talk and set things right.

*Photo Credit: Google

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