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  3. India can achieve 10% growth rate with major reforms: Arvind Panagariya

India can achieve 10% growth rate with major reforms: Arvind Panagariya

24 Jan 2018 Evaluate

Niti Aayog’s former vice chairman Arvind Panagariya has said that India is headed to become the world’s fifth largest economy and it has the potential to achieve 10% growth rate. He added that for India to achieve the double-digit growth, it needs major reforms in labour and land acquisition laws. It also needs significant privatization and a major reform of civil service, which is quite not sufficient to handle the large economy that India is now.

Panagariya, who is also the professor of economics at the prestigious Columbia University, has said that Indian economy grew 7.5% in the last three years, but two major reforms that are demonetisation and goods and services tax brought the growth rate down a little. He added that in the current fiscal India will end up at 6.5%, which is also a pretty good growth rate. He also said “By all accounts, I have no doubt that India will get back to 8% plus growth rate. India really today is probably the only game in the town”. He further said that India will sustain its high growth rate for the next two decades at least with the current trajectory of reforms, unless it starts making mistakes again.

Talking about the budget, former vice chairman of Niti Aayog said that the next budget is unlikely to be different from the previous budgets. He also said that “It would be reform-oriented budget in my view. I think there is a lot of talk about reaching the fiscal consolidation plan”. Adding that the agriculture sector could see more emphasis in the upcoming budget, he expects that the budget will give clear indication of reforms. Refuted the notion that there was a large-scale unemployment in India, he said unemployment in India is not very high. Jobs are being created, but as the way policies were being adopted in India, in the end it gives very little incentive to employers to employ people in the formal sector.


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