WEBVTT 1 00:00:00.180 --> 00:00:03.180 Well, it's wonderful to know that BCG has been in India 2 00:00:03.180 --> 00:00:07.860 for 30 years, and my congratulations to all of you. 3 00:00:07.860 --> 00:00:09.150 The infrastructure growth 4 00:00:09.150 --> 00:00:11.340 actually has been a good story in India. 5 00:00:11.340 --> 00:00:12.690 I'm a strong believer 6 00:00:12.690 --> 00:00:17.310 that good policy does get good behavior. 7 00:00:17.310 --> 00:00:20.220 I think the quality of our health care, 8 00:00:20.220 --> 00:00:21.698 quality of our education 9 00:00:21.698 --> 00:00:24.900 will have to increase significantly 10 00:00:24.900 --> 00:00:27.536 in order for us to meet our aspirations. 11 00:00:27.536 --> 00:00:30.119 (upbeat music) 12 00:00:35.120 --> 00:00:39.750 You know, India has traditionally grown 13 00:00:41.190 --> 00:00:45.030 quite significantly over the last few decades, 14 00:00:45.030 --> 00:00:49.351 but the reforms that we need for further growth 15 00:00:49.351 --> 00:00:54.351 are essentially how we can increase our growth rate 16 00:00:57.300 --> 00:01:01.230 but at the same time, do it in a sustainable manner. 17 00:01:01.230 --> 00:01:05.925 The recent phenomenon of a warming planet 18 00:01:05.925 --> 00:01:10.925 is actually...could be quite a significant damper on growth. 19 00:01:12.600 --> 00:01:17.600 And so we really do need to consider environmental factors. 20 00:01:17.899 --> 00:01:22.899 India has traditionally been an agriculture-focused country. 21 00:01:23.940 --> 00:01:28.140 Water is a crucial issue for sustainability, 22 00:01:28.140 --> 00:01:32.389 and energy is being met with renewables, 23 00:01:32.389 --> 00:01:35.140 but I think that the energy mix 24 00:01:36.150 --> 00:01:38.295 will depend to a very large extent 25 00:01:38.295 --> 00:01:42.480 on how we're able to build in efficiency, et cetera. 26 00:01:42.480 --> 00:01:46.617 But I think that the most crucial part for our growth 27 00:01:46.617 --> 00:01:50.280 would be, you know, finding a way 28 00:01:50.280 --> 00:01:53.850 to have a sustainable eight to nine percent growth. 29 00:01:53.850 --> 00:01:57.030 And that, to a very large extent, 30 00:01:57.030 --> 00:02:01.950 will depend on reforms in every area. 31 00:02:01.950 --> 00:02:05.396 This will be very useful for efficiency, 32 00:02:05.396 --> 00:02:08.640 for growth, for diversity. 33 00:02:08.640 --> 00:02:13.640 And so growth is going to become quite difficult 34 00:02:13.680 --> 00:02:15.693 in a fractured world. 35 00:02:16.530 --> 00:02:19.980 Exports, you know, have traditionally 36 00:02:19.980 --> 00:02:22.650 not been a big growth driver for India, 37 00:02:22.650 --> 00:02:25.590 but we do need to look at how exports 38 00:02:25.590 --> 00:02:30.590 can be a much greater growth driver for the future. 39 00:02:32.190 --> 00:02:33.930 Infrastructure growth actually 40 00:02:33.930 --> 00:02:35.854 has been a good story in India, 41 00:02:35.854 --> 00:02:38.880 the physical infrastructure, that is. 42 00:02:38.880 --> 00:02:41.070 But I think that we need 43 00:02:41.070 --> 00:02:43.680 a balanced growth in infrastructure, 44 00:02:43.680 --> 00:02:46.950 both physical as well as social infrastructure. 45 00:02:46.950 --> 00:02:49.498 I think the quality of our health care, 46 00:02:49.498 --> 00:02:54.498 quality of our education will have to increase significantly 47 00:02:55.024 --> 00:02:59.340 in order for us to meet our aspirations. 48 00:02:59.340 --> 00:03:03.030 So I would say that, yes, 49 00:03:03.030 --> 00:03:06.900 we definitely need more special urbanization. 50 00:03:06.900 --> 00:03:08.648 I think better urbanization, 51 00:03:08.648 --> 00:03:11.952 urbanization that is more inclusive, 52 00:03:11.952 --> 00:03:16.054 especially on low-cost housing and things like that. 53 00:03:16.054 --> 00:03:19.950 But I think that aside from physical, 54 00:03:19.950 --> 00:03:22.620 the social infrastructure is really crucial. 55 00:03:22.620 --> 00:03:25.590 Well, it's wonderful to know that BCG has been in India 56 00:03:25.590 --> 00:03:30.318 for 30 years, and my congratulations to all of you. 57 00:03:30.318 --> 00:03:34.560 I think that BCG, you know, 58 00:03:34.560 --> 00:03:39.560 really has to concentrate on how we can help the growth 59 00:03:42.090 --> 00:03:44.234 by having better policies. 60 00:03:44.234 --> 00:03:46.923 I think finding the right balance, 61 00:03:48.219 --> 00:03:51.630 you know, for the right type of policies for our growth, 62 00:03:51.630 --> 00:03:54.870 which is very inclusive and sustainable, 63 00:03:54.870 --> 00:03:56.550 is quite important. 64 00:03:56.550 --> 00:03:59.761 I'm a strong believer that good policy 65 00:03:59.761 --> 00:04:04.761 does get good behavior, and you know, 66 00:04:05.070 --> 00:04:10.070 a well, a meaningful response from industry. 67 00:04:11.910 --> 00:04:15.300 But industry is only part of the growth story. 68 00:04:15.300 --> 00:04:17.490 So we have to look at agriculture. 69 00:04:17.490 --> 00:04:21.600 I think we have not been able to make significant change 70 00:04:21.600 --> 00:04:25.020 in the way agriculture has taken place in India. 71 00:04:25.020 --> 00:04:29.103 That should really be also a focus for the future.