The Reserve Bank of India is focusing on research and analysis of the productivity trends in India on a continuous basis, Y V Reddy, Reserve Bank of India governor, said.
Delivering the inaugural address at the three-day 88th annual conference of the Indian Economic Association at Andhra University here, Reddy said that productivity growth in sectors like agriculture, manufacturing and service sectors would help reduce poverty in the country.
Reddy said that the spread and the thrust of information and communication technology (ICT) provided unprecedented scope for productivity gains in all the sectors in a very short span of time all over the world, particularly in India.
The ICT can have a positive impact on growth not only through a surge in ICT investments but also through a more productive use of the technology in the rest of the economy. The ICT helps in introducing new organisational models and other innovations in the production process besides the production of new goods and services.
The total factor productivity growth (TFPG) in India declined till 1970s. The turnaround took place due to pro-business policies that were adopted during the 1980s, and trade liberalisation since 1991 that had a positive impact on the TFPG, he said.
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