Rangarajan admitted that despite India's fast recovery from the global financial crisis, investment trade did come down, "but that was not much to justify" the current growth rate.
He said the incremental capital output ratio rose because of problems in the availability of raw materials in the power sector — like coal and gas.
According to data released by the Central Statistics Office (CSO) last week, India's GDP growth is likely to slump to 5% in the current financial year, the weakest in a decade, due to poor performance of manufacturing and services sectors."Once we fix problems in the availability of raw materials, the growth rate will pick up," said Rangarajan, who is also a former governor of the Reserve Bank of India (RBI). He was addressing an event organized by Observer Research Foundation here.
Underlining that growth is very important to find resources to fund programmes meant for poor, Rangarajan stressed the need for having the appropriate balance between regulation and innovation.
"We should not draw wrong lessons from the financial crisis. While regulation is important, innovation is also important. We should strike an appropriate balance between regulation and innovation," he said.
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