properly harness the demographic dividend, it could turn into a demographic curse. 20. one more advantage which we have is that our overall levels of productivity and efficiency are so low that the only way for it is to go up. you are a blessed lot who would have the skill sets to do well when you go out in the job market. believe me, there is and always will be a demand for skilled professionals in not only a growing economy like india, but also worldwide. issues that remain and how do we resolve them, going forward? 21. various reasons are attributed to the growth slowdown in recent times, some global and some domestic. the global factors, of course, are well - known, which include the global financial and economic crisis followed by the eurozone crisis and in recent times, the uncertainty over the us fed ’ s move on tapering off the quantitative easing. my focus here is more on the domestic issues as these are under our control. governance and policy issues 22. india is still below average on key governance parameters as indicated by the world bank ’ s worldwide governance indicators compiled from 1996 to 2012. there have not been significant improvements in our governance ( chart 3 ). clearly, there is a lot of scope for improvement on these parameters. both our overall governance and corporate governance needs improvement. in fact, we need better governance at every level – from hospital and bis central bankers ’ speeches educational institutions to polity, firms, non - profit institutions, banking and finance, regulation, land records and even in our daily lives. optimising the use of natural resources 23. we need to devise suitable policies that optimize the use of natural resources, like wind, water, energy and mineral resources. enhancing infrastructure investments 24. every developed economy has world class infrastructure and we are fortunate that we do not have any dearth of skilled engineers who can build these infrastructure for our country. but our problem is that while there is a demand for world class infrastructure, people are generally not inclined to pay for utilising these facilities. this attitude in our society has to change and people have to realize that unless these infrastructure facilities become selfsustaining, further investments in setting up such infrastructure may not be forthcoming. in this context, it is certain that we would have to make some sacrifices of our natural resources but it is equally important to ensure that people who are displaced are compensated in a just and equitable manner. increasing investments in infrastructure and implementing the projects within a

that i am talking about is being “ information literate ”. what i mean is that you should always be aware of the things happening around you. you should be hungry to learn more and constantly update yourself by keeping your curiosity to seek and assimilate knowledge, alive. my second message to you is never be complacent in life. think positive and avoid complacency. it is all the more important if you enter the financial sector, because few moments of complacency can lead to disastrous results. in fact, when i am asked, whether i am concerned, i say “ yes, i am ”. for that matter even rbi governor is always concerned because people in the financial sector and those dealing with money cannot afford to be complacent even for a single moment. my third and final message is that, life is not a bed of roses and in your career you are bound to face some bad times. also when the bad times come, they arrive from all directions. during this period you should lie low, do not get desperate and pray to god, for good times are bound to come back again. you will always be successful in your life and professional career, if you follow the above three commandments. the knowledge you have acquired at this institute will open the doors of success for you in whichever field you choose. conclusion 41. let me conclude by saying that not only our problems are much simpler than most nations ; we are also well aware of them. we have a growing population and, hence, we would continue to have a base level of growth whatever be the situation. the issue, therefore, is not to just “ sustain ” growth but to grow at our higher “ potential ” growth rate. to my mind, productivity and efficiency enhancements are central to achieving this higher growth rate. we must not get bogged down by the fact that others are not really doing their part, nor should we wait for everything else to be in place before setting our house in order. charity begins at home and hence, we should do what is within our capability irrespective of the constraints surrounding us. the society has to collectively demand probity, accountability and transparency in public life and develop strict intolerance towards indiscipline. 42. i would once again like to thank narsee monjee institute of management studies university and the faculty and students of the school of business management for inviting me to this conference for sharing my thoughts on