NITI Aayog Vice Chairman, Arvind Panagariya has said that India’s growth rate is expected to accelerate to 8 per cent in the current financial year and the economy will surpass $3 trillion mark in less than five years. He said that “I will be greatly disappointed if we do not hit the 8 per cent mark in 2015-16. I expect the economy to hit $3 trillion within five years or less.”
Panagariya further stated that the world economy is large and our share in the world exports is still below 2%. So we have a huge scope for growth even in a sluggish world economy. As long as we continue on the reforms path and ensure that the rupee does not become unduly overvalued, we will be well positioned to chip away some of the 12% share that China currently enjoys in the world merchandise exports. He reasoned that wages in China have already risen enough that many manufacturers there are looking for new destinations with lower wages and India is well placed to be that destination.
The NITI Aayog’s Vice Chairman on role of NITI in pushing development agenda of the nation said that “It has a role to play in almost all dimensions. It must help drive the reform agenda at both the central and state levels while also helping formulate policies. Adding that NITI Aayog's two taskforces -on poverty elimination and modernisation of agriculture- are working in cooperation with parallel taskforces in the states, while the three sub-groups of Chief Ministers at work on the Centrally Sponsored Schemes, Swachch Bharat Mission and Skill Development are working under the auspices of the NITI Aayog.
