India has to be money-wise: Sinha

Tribune News Service

Mohali, September 22

Minister of State for Civil Aviation Jayant Sinha said India required a frugal development model for sustained growth and to make the transition from a low-income country to a middle-income country, at the ISB leadership summit in Mohali on Friday. Sinha said, “India’s growth trajectory is different from that of China. The East Asian model of development was based on mass manufacturing. India’s growth should be services led.” 

He added, “ISRO has been successful in launching satellites using an innovative and frugal model.”

India must invest in mass services to encourage business activity. “India has the lowest telecom prices and through investment in services, the price point of many services had come down. We have brought down the cost of digital transactions to virtually nothing,” he said. 

Stressing the importance of innovation, he said in the near future, drones would increasingly be used for the delivery of services. 

Sinha urged the students to be aware of the complex and profound challenges in the future for India. 

“Changing demographics with over a billion working population, increasing carbon emissions, changes in agriculture and weather patterns, shortage of natural resources and urbanisation represent challenges for the leaders of tomorrow to think and act upon,” he said, adding that forums like the ISB leadership summit were crucial in this regard. 

Responding to a question on Air India’s debt, he said after many years, Air India was now pocketing profit.

“In principle, the Cabinet has approved the strategic disinvestment of the national carrier,” he said.