Chennai: Union Finance Secretary TV Somnathan said India could shape the global economic structure if it overcomes domestic challenges.
Addressing the 16th Citi Union Bank V.Narayanan Memorial Lecture in Chennai, Somnathan said that India was leading the International Solar Energy Alliance and had successfully implemented the ID number system for banks known as UPIs.
He acknowledged that there was a need to address domestic challenges such as the fiscal deficit, the quality of public spending, tax buoyancy and subsidy reform, and said that if the fiscal deficit was brought under control, people’s savings would rise.
He said the Indian people and all organizations should work together to bring to our country business and technological advancement as in the United States, Japan’s quality and work ethic, Germany’s productivity, Scandinavia’s quality of life.
Shastra University Vice-Chancellor S. Vaidyasubramaniam in his saloon asked the Finance Secretary to consider the contribution of educational institutions to the economic structure of the country.
Citi Union Bank Managing Director N. Kamkodi thanked the audience.