Infrastructure bottlenecks are slowing the GDP growth by 1.5-2 per cent per annum.
To fuel economic growth, there has to be an enhanced focus on infrastructure both from the public and private sector, G Mallikarjuna Rao, chairman and managing director, GMR Group of companies said.
Speaking after receiving the Sir M Visvesvaraya Memorial Award presented by Federation of Karnataka Chambers of Commerce and Industry (FKCCI) Rao said, “Our endeavour should be to build world class infrastructure that supports business and trade, and most importantly raises the quality of life of the Indian public.”
“Since the country is at the crossroads, what we need today is leadership with innovative ideas, political willingness and focus on infrastructure development and adoption of latest technologies,” he added.
The government must also review the progress of infrastructure development on a monthly basis. This is the only solution to accelerating growth of the economy. Public-private partnerships are changing the country’s industrial scene and is the enabler for foreign direct investments.
“Public-private partnerships has been the most important tool for the development of infrastructure and hence economic growth in the country. The development in airports, roads, highways, ports and special economic zones has all been largely triggered by the public-private partnerships and FDI,” he said.
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“With my experience, I can humbly say it is the involvement of private sector that has put the bar rather high in most of these areas in terms of standards,” he added.
FKCCI president D Muralidhar said, “As an apex institution, FKCCI is planning to set up a ‘Business Research Cell’ to focus on the challenges faced by the chamber. This has become a necessity as the role of chamber has changed over time and the traditional role of lobbying with the government is taking a back seat. In future, the chamber is expected to play the role of an advisor on matters of policy supported by study and research.”