I am talking about inter-regional comparisons within our own country. We say one reason for inflation going up is people are drinking more milk. How can milk prices come down if do not produce more milk? Why our success in Anand experiment cannot be replicated in other parts of the country? Only when productivity goes up and cost comes down, can inflation be curbed.
We need to innovate to emulate at least our own Indian benchmarks and best practices to meet the productivity challenge. When I stress on the importance of innovative ideas, I must also caution that destructive innovations that led to the global financial crisis are not in the interest of anyone. The field of finance and banking often attracts the best from among the youth.