Chairman of the 16th Finance Commission Arvind Panagariya has said India can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the next five years.
He said Prime Minister Narendra Modi worked hard over the past 10 years to make India a friendly place for businesses, so investment is coming in. He said ‘Today, the economy is open. In the next 2-3 decades, we can sustain a very rapid growth.’ India's economy grew at better-than-expected 8.4 per cent in the third quarter of FY24 -- the fastest in the past one-and-a-half years.
He stated ‘India is currently growing in real rupees at about 7 per cent or so per year. Certainly with a few more reforms in the next five years, we can realistically push it to close to 9 per cent, certainly somewhere at 8-9 per cent and that can be sustained easily for a couple of decades.’