- of - right cornering of subsidies by all, which undermines their efficient and economic use. we must appreciate that these are difficult times for our economy and, therefore, we should be willing to make small sacrifices. we should be willing to live with smaller wage hikes. this is applicable to all sections of the society, especially, the elitist section. infrastructure 19. a very disquieting aspect of infrastructure usage in the country is that we demand the best infrastructure but want to access them for free. in india, vips get access to subsidies and infrastructural services first, and there is little concern for whether or not it reaches the poor and needy. we should stop this culture from becoming a moral hazard. again here, the need for good governance comes to the fore. while on the subject of infrastructure, i would like to add that one cannot fund the growth of the infrastructure sector based on debt alone. as the situation stands, many of the stalled infrastructure projects have been financed solely by debt and promoters ’ equity contribution is absolutely minimal. our observation is that often debt is raised in the holding companies and is down - streamed as equity in subsidiary ventures or spvs. this is a risky practice. corporate groups have become hugely leveraged and their debt servicing abilities have been severely constrained. the promoters of stalled infrastructure projects have little incentive to bring the projects on stream. as future business managers of the country, i would like to impress upon you to realise the importance of equity in running successful businesses, as it creates an incentive for managements to eschew excessive risks. we need ideas to be able to raise fresh equity. concluding message 20. i would like to conclude by giving you three messages, which i always do, whenever i get an opportunity to interact with students. my first message is that you must strive to be “ third generation literate ”. all of you have acquired the first and second generation literacy i. e. gained subject knowledge by reading books and the knowledge about computers and bis central bankers ’ speeches information technology. what i mean by third generation literacy is to become “ information literate ”. i read somewhere that every day, we create some 2. 5 quintillion bytes of data and more than 90 per cent of the data has been created in the last two years. i do not know how many zeroes a quintillion has, but, that definitely means a whole lot of information. every day in your

the kisan credit card ( kcc ) scheme has immensely improved farmers ’ access to bank credit while banks have disbursed credit for non - farm entrepreneurial activity under the gcc scheme. during 2012 – 13, the public and private sector banks issued 3. 5 million additional kccs and bis central bankers ’ speeches 0. 8 million gccs. but, universal financial inclusion still remains elusive. what can we do about it? our banks are still struggling to evolve a cost - effective delivery model to extend the banking services to the far corners of the country. it is inexplicable why a country which is the backyard for providing the technology solutions to the world cannot develop a cost - effective solution for our banks. we need to harness technology more systematically to ensure scalability of such services at reduced costs. we need to direct our financial inclusion efforts towards what the poor need and are likely to demand, rather than trying to impose the supply - led solutions upon them. in this context, i would like the iim students present here today to serve as the leading lights and ensure that the mission of financial inclusion does not remain only a fashion but becomes a national passion. it is expected that ensuring access to institutional finance to all individuals will itself increase the gdp by 1. 5 per cent. what is needed is efficient governance. with good governance from authorities such as the government, there should also be a revival of the animal spirits among the educated graduates from iims and iits. we have descended into a languishing stupor, ennui, a melancholy feeling that nothing is happening or is likely to happen. we have to break this melancholy and revive optimistic spirits and optimistic thinking. 17. we are often reminded of our burgeoning fiscal deficit. let me emphasize that there are a few very simple steps that need to be taken to rein in a sizeable chunk of the deficit. we must look to reduce wastage in the system and curtail the subsidies - in urban transport system, power distribution, lpg and diesel. if we can improve our governance and minimise such wastages in the system, the fiscal deficit will automatically come down. efficient use of subsidies will reduce expenditure, which will, in turn, reduce imports of fuel and help bring down the current account deficit. 18. so it behoves on us, the public at large, and the government in particular, to adopt fuel conservation as a national priority. we should also stop the matter