The former Union Finance Minister cum senior BJP leader Yashwant Sinha has said that India needed sustainable development with the help of its internal resources and indigenous investment and savings.
“It is because the contribution of foreign investment in Indian economy is only two percent,” said he while addressing the gathering of students and teachers of Vinoba Bhave University as chief speaker of the seminar held on the topic “Economic Growth of India- which is sustainable, attainable and useful” on Thursday.
Talking about economic reforms he said that it is an ongoing process which has benefited many areas of the country, but the need of the hour is to include some selected backward areas of the country in the list of beneficiaries of this process, then we can say it really useful. The seminar was organised under the banner of Yashwant Sinha Public Policy Research Center of the university.
The BJP veteran said that the economic growth of the country depends upon investment. “If we want to maintain the growth of 8%, we should increase investment through the domestic savings and for it some different ways of investment should be identified,” said Sinha and added that period between 2003-04 to 2007-08 was the golden period for the economy, when GDP growth rate clocked 8 per cent.