“ building blocks for a sustainable future : some reflections ” speech by shri shaktikanta das, governor reserve bank of india delivered at the 29th lalit doshi memorial lecture on august 23, 2023 at the y. b. chavan centre, mumbai i am deeply honoured for the invitation to deliver this lecture in the memory of shri lalit doshi, an eminent civil servant, whose sudden demise at an early age nearly three decades back was a great loss to many, including the state of maharashtra. shri doshi is fondly remembered as unassuming, sober, hardworking and extremely competent by his colleagues and contemporaries. in his distinguished public service career spanning more than 27 years, he held several key positions both in the state and central governments. as secretary industries, government of maharashtra during 1992 - 94, till his sad demise in january 1994, he played a pivotal role in formulating the new industrial policy for the state. i can personally relate to shri lalit doshi and the challenges he would have faced as secretary industries, as i served as industries ’ secretary, government of tamil nadu on two occasions ( 2001 and 2006 ) and as joint secretary industries in 19911993. 2. the 1990s held out great promise for the industrial sector in india, following the delicencing of industries and initiation of economic reforms. in tandem, the indian rupee was devalued to improve the competitiveness of the indian economy. new opportunities for investment opened up, as domestic and foreign investors looked at expanding their footprints. the bombay club1 took some time to adjust to the new reality, but adjusted very well over a period of time. in this milieu, there was growing competition among states to attract investments on the basis of their fundamentals, supporting infrastructure, quality and availability of skilled manpower and other relevant factors. 3. recognising shri lalit doshi ’ s contributions to the development and well - being of the state and the country at large, i have chosen “ building blocks for a sustainable future ” as the theme of my address today. sustainable future would mean sustaining and strengthening the growth momentum of the economy without creating inflationary pressures and other macroeconomic imbalances, while remaining inclusive and climate sensitive. i would like to begin by dwelling upon the role of a central bank in economic development and highlighting the current macroeconomic context and then touch upon certain supporting pillars for a sustainable future. central banks and economic development 4. a strong and dynamic central bank

small modular reactors ( smr ), ai - based defence equipment, biotechnology, rare earths extraction, battery technology, oceanography and space exploration. the start - up ecosystem that encompasses these sectors needs to be promoted to hasten the progress of the country. concluding observations 29. let me now conclude by saying that as india ’ s growth narrative changes from caution and watchfulness to optimism and exuberance, it is now india ’ s time to make a mark in the emerging global economic today, india has the third largest startup ecosystem in the world ( https : / / pib. gov. in / pressreleasepage. aspx? prid = 1913106 ) and is home to more than 99, 000 recognised startups ( https : / / www. startupindia. gov. in / accessed on july 22, 2023 ). india ’ s tech startups raised us $ 18. 2 billion in cy2022 ( india tech start - up landscape report 2022, nasscom and zinnov ), and india added 23 unicorns to its tally this year, the second highest only after the us. 17 india tech start - up landscape report 2022, nasscom and zinnov landscape. a recent media article aptly captures india ’ s potential in an article titled : “ the global economy needs a new powerhouse. india is stepping up ”. 18 the need of the hour is to make concerted efforts in the areas outlined in my speech today and also a few other areas to lay the foundations of this new powerhouse - india - which is destined to grow in size, confidence and inclusiveness. thank you. namaskar. https : / / www. bloomberg. com / news / features / 2023 - 01 - 23 / india - s - 1 - 4 - billion - population - couldbecome - world - economy - s - new - growth - engine # xj4y7vzkg