HYDERABAD: Pointing out that all States need to do a lot more to attract investments, for which they have to improve labour, power, ease of clearances and industrial policies, Chief Economist and EVP of HDFC Bank Abheek Barua lauded the Telangana government's efforts and called it a model State, with enough potential to lead the way.
He was delivering the Omprakash Tibrewala Memorial Endowment Lecture, at a memorial event organised by FTCCI, in Hyderabad on Friday. "Each State has to be nimble in grabbing investments, much like what Vietnam has been doing for the same. Champion States, like Telangana, have shown the way. It still needs to do more, and other States must follow the champion States," said Barua.
His lecture was on the topic of "Rebounding Indian Economy - Way Forward". During the lecture, Barua stressed on the need for having a sense of cooperative and competitive federalism in States to reap best benefits.
"While in many areas collaborative federalism is needed, especially in negotiating with the Centre, there is also a need for a competitive federal structure that should ultimately lead to some convergence of economic opportunities across the country," said Barua, pointing out that this would be the one way to help the country recover smoothly from the financial crisis it found itself in this year.
He further said that in the coming days, the biggest question will be how to fully recover from the financial crisis without fiscal intervention.