of about 39 per cent achieved in 2010 - 11 can be reckoned as the potential. it is possible to finance this desired investment rate with saving rates in the range of 32 - 36 per cent of gdp, again achievable considering the peak of 37. 8 per cent achieved in 2007 - 0814. looking ahead, this aspiration is premised on an improvement in saving potential among all major constituents – households on the back of a growing skilled workforce ; businesses benefiting from the thrust on manufacturing and exports ; and governments maintaining the consolidation that is underway. the 14 a similar aspiration is expressed in niti aayog ’ s “ strategy for new india @ 75 ”, november 2018. contribution of external financing can change in magnitude and composition, as stated earlier. in the rest of my address, i hope to draw on available estimates to track some strategic facets of the evolutionary contribution of finance to india ’ s aspirational goals. v. infrastructure infrastructure plays a critical role in expanding national production capacity, social welfare, and economic development. spending on infrastructure engenders a gdp multiplier of 2. 45 in the year of capital expenditure and 3. 14 in the next 15. with an infrastructure investment requirement of at least 8 - 10 per cent of gdp annually16, india ’ s infrastructure gap has been estimated at 4. 1 per of gdp per annum, rising to 5. 3 per cent when adjusted for climate requirements 17. over the period 2024 - 30, it is estimated that infrastructure investment will need to rise to us $ 1. 7 trillion ( ₹143 lakh crore ), with about us $ 0. 4 trillion in green investments. 18 going forward, the private sector will move into centre - stage for infrastructure spending, especially in energy and transportation. the sources of financing will be diverse, ranging 15 discussion on union budget 2022 - 23 in the rajya sabha, february 11, 2022 ; bose, s. and bhanumurthy, n. r., 2015, fiscal multipliers for india. margin : the journal of applied economic research 9 ( 4 ), 379 - 401. 16 rbi internal estimates. 17 asian development bank, 2017, meeting asia ’ s infrastructure needs, february 1. 18 crisil ( 2023 ). india ’ s infrastructure spending to double to ₹143 lakh crore between fiscals 2024 and 2030, compared with 2017 - 2023. press release. october 17

a very high exchange rate. these events are, of course, related to one another and are really different sides of the same coin. it is worth noting that these developments have not led to unusually large shifts in the industry structure of employment, and they are unlikely to do so. while employment in the mining sector has increased by around 70, 000 people, or 40 per cent, over the past couple of years, its share of total employment is still low and the mining boom will not change the fact that the vast bulk of australians work in the services sector. instead, due to the capital - intensive nature of mining, it is in the investment figures where the evidence of structural change is clearest. over the next few years, mining - sector investment will reach new highs as a share of gdp, and is likely to account for around 40 per cent of total business investment ( graph 2 ). structural change is also clearly evident in the export numbers, with resources now accounting for around 60 per cent of total exports, up from 35 per cent a decade ago. graph 2 this boom in the mining sector and the terms of trade is having positive spillover effects to a number of areas of the economy, including parts of the services sector. it has delivered a very substantial increase in australia ’ s real income and this increase has boosted spending. but the accompanying high exchange rate is also having a contractionary effect on a number of sectors of the economy. the manufacturing sector is clearly one of these. over the past decade there has been little growth in manufacturing output and the level of employment has declined, particularly over bis central bankers ’ speeches the past couple of years ( graph 3 ). exports of manufactured goods also remain below the level reached in 2008. this stands in contrast to the volume of global trade which has regained its earlier peak. graph 3 notwithstanding these trends, manufacturing still has an important role to play in the australian economy. it employs around 950, 000 people and accounts for 9 per cent of output. this role is, however, changing. realistically, australia cannot hope to be a large - scale producer of relatively standardised, plain - vanilla, manufactured goods for the world market. but what we can be is a supplier of manufactured goods that build on our comparative advantages : our educated workforce ; our ability to design and manufacture specialised equipment ; our reputation for high - quality food ; our research and development skills ; and our expertise in mining - related equipment. inevitably, the high exchange rate means that the