Moreover, interestingly, despite all the shortcomings and distortions that have existed in the evolving financial sector in India, the efficiency of resource use has been high with a long term ICOR of around 4, which is comparable to the best achieving countries in the world.
Hence, in order to achieve 10 per cent+ growth, we will need to encourage the continuation of growth in savings in each of the sectors: households, private corporate sector, public corporate sector and the government. Second, the recent acceleration in growth has been enabled by a surge in private sector investment and corporate growth.