Governance system needs revamp: Expert

KOCHI: The biggest challenge faced by the country is not the dearth of financial resources, but the lack of smarter and efficient business methodologies which would bring in concrete changes in the long run, according to Venu Rajamony, diplomat and scholar.While delivering a lecture on ‘An emerging India in a rising Asia’ at the District Assembly of Rotary International District here on Saturday, he said it is high time the country revamped its governance system.“There is a need to put more focus on innovations especially in the governance system. At present, we still reserve posts for all outdated jobs,” said Venu who is  currently heading the Multilateral Institutions Division of the Department of Economic Affairs, Ministry of Finance, Government of India.“Our country has grown over the past years in terms of the Gross Domestic Product and also has the potential to be one of the most powerful countries in the world in the near future. But in spite of all its growth, India has an endless list of challenges that has to be tackled. The major ones include the depreciation of the Indian rupee and the recent hike in petrol prices,” Venu said.It’s time we stopped our dependency on other countries and thought of more innovative methods of growth,” he said.Commenting on the 2012-2017 Five-Year Plan, Venu said that India has focussed primarily on investing huge amounts for infrastructure development. Venu pointed out that one of India’s greatest strengths is its demographic development, but there was a dire need for the country to make sure that it never becomes a burden like it had on the African continent.