Country returning to the average GDP growth rate of eight per cent: Arvind Panagariya

02 Jun 2016 Evaluate

NITI Aayog Vice-Chairman Arvind Panagariya, reacting to the robust economic growth in the fourth quarter, said that the country was making good progress to return to the average GDP growth rate of eight per cent recorded between 2003 and 2011. He further said that for the 2015-16 year, the Indian economy grew by 7.6 per cent and in the last quarter of the fiscal, the growth rate was 7.9 per cent and added that there is a good bit of turnaround in the economy which was not in a 'great shape' when the Narendra Modi government came into power in 2014.

Panagariya, at a discussion organised by the Asia Society Policy Institute on the two years of the Indian government, which was attended by analysts, executives and diplomats including India's Consul General in New York Riva Ganguly Das, Deputy Permanent Representative to the UN Tanmaya Lal, former Indian envoy to the UN Hardeep Singh Puri and former us Ambassador to India Frank Wisner, said that some of the outcome-related symptoms, related largely to the stabilisation of the economy are beginning to look good, he also noted that inflation has been contained around five per cent and forex reserves are also in good shape.

He added that there are certain “continuing weaknesses” which are largely inherited and cited the example of the steel, construction, textile and banking sectors, saying all of these have “serious legacy issues but it should not distract us from the fact that several of the sectors” such as auto, pharma, software, engineering goods, are “doing well which is what accounts for the aggregate growth of 7.6 per cent.”

Pangariya noting that India has been 'slower' than other countries in entering free trade agreements, said that India will need to capture some of the world markets if it has to sustain an 8 to 10% growth rate over the next 20-25 years. He added that apart from liberalisation, India would also need to focus on “internal reforms” like trade facilitation, speed at which goods can move in and out of the country and the various clearances required.

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