2011 – 2016. r & d expenditure reached €1, 733 billion or 0. 99 % of gdp in 2016 from €1, 391 billion or 0. 67 % of gdp in 2011. despite the continuing rise, greece records one of the lowest r & d intensities compared to its euro area peers ( 2. 0 % of gdp ). however, innovation - based growth is based on a much wider range of elements than just r & d spending, such as employee skills and training, investment in information and communication technologies ( ict ), organizational know - how, databases, design, brands and various forms of intellectual property. a more effective use of domestic high - skilled human capital requires the adoption of policies and reforms that encourage research, facilitate the diffusion of technology and boost entrepreneurship. companies should be incentivized to increase investment in r & d in order to improve their capacity to innovate. universities and research institutes should be encouraged to cooperate with the private sector to commercially exploit research results and ideas. these initiatives will promote innovation, increase productivity and facilitate the transition to a knowledge - based economy. the improvement in institutions and the implementation of the reform and privatization program will provide incentives for the initiation of new investment projects. new investment goes hand - inhand with job creation and is, thus, expected to facilitate the reduction of the unacceptably high unemployment rate. however, certain aspects of structural reforms and the stabilisation of the economy might have negative distributional effects. hence, it is essential to provide immediate support to the unemployed and those marginally attached to the labour market by employing active labour market policies and targeted social transfers to counter the temporary income loss and to shorten job - transitions. in the medium - term, emphasis should be placed on skill upgrading and retraining policies to get people back to work as well as improvements in education, given that investment in human capital is a prerequisite to an inclusive and sustainable growth model. viii. address the public debt overhang decisive and concrete actions are needed to ensure the sustainability of greek public debt. the eurogroup reaffirmed last june its commitment to the principles contained in the may 2016 statement, and specific mention was made of measures that could be taken, if necessary, regarding public debt reprofiling. the bank of greece has put forward a specific proposal for extending the weighted average maturity of interest payments on efsf loans of at least 8. 5 years. if adopted, such a proposal

shaktikanta das : 17th c d deshmukh memorial lecture opening remarks by mr shaktikanta das, governor of the reserve bank of india, at the 17th c d deshmukh memorial lecture, reserve bank of india, mumbai, 25 april 2019. * * * on behalf of the reserve bank of india, i am delighted to welcome mr. agustin carstens, general manager of the bank for international settlements to deliver the c. d. deshmukh memorial lecture, the seventeenth in the series. we are also honored to have smt. and shri atul deshmukh from late shri c. d. deshmukh ’ s family. a hearty welcome to all the distinguished invitees of the reserve bank. 2. at the outset, i would like to say a few words about shri c. d. deshmukh to commemorate the occasion. shri chintaman dwarkanath deshmukh was born in nata, near fort raigad in maharashtra on january 14, 1896. he had an outstanding educational career. he stood first in the matriculation examination of the university of bombay in 1912. he graduated from jesus college of cambridge university in 1917 and topped the indian civil services examination, then held only in london, in 1918. upon his return to india in 1920, he worked in the government of bihar and also as a joint secretary to the government of india. 3. his association with the rbi began in july 1939, when he was appointed liaison officer to keep the government of india in touch with the bank ’ s affairs. three months later, he was appointed secretary of the central board of the bank and two years later in december 1941, as the deputy governor. he was the first indian to be appointed as the governor of the reserve bank of india on august 11, 1943 and he continued in this capacity till june 30, 1949. he played a pivotal role in the creation of industrial finance corporation and promotion of rural credit. during his tenure, rbi saw enactment of the banking companies act, 1949 which laid the foundation for regulation of banking sector in india. the nationalisation of rbi on january 1, 1949 also took place during his tenure. 4. after his tenure in the rbi, shri deshmukh went on to become member, planning commission when it was set up in 1950. subsequently, he became union finance minister in 1950 and served with distinction till july 1956. during his tenure, he