Panagariya: India's GDP may reach $8 trillion in 15 years
NITI Aayog Vice-Chairman Arvind Panagariya believes that in the next 15 years, India's gross domestic product (GDP) has the potential to reach $8 trillion, provided India keeps registering an 8% economic growth annually. By doing so, it will also come very close to entirely eliminating poverty. In the next 15 years, Indian citizens would be able to enjoy western standards of living. Here's more.
India has surpassed China
Panagariya said, India is now one of the major economies. It has managed to leave China behind and "once we correct for the exchange rate (changes) in real dollars, India's growth rate in the last 15 years has been about 9%." Speaking at an event titled, 'Transforming India: Eradicating Poverty, Promoting Prosperity,' he said, within 15 years Indians' average income will be over $5,000.
The NDA government is battling "legacy issues"
Panagariya said, it was unfortunate that from 2004-14 reforms had come to a standstill, making a not-so-subtle dig at the UPA alliance of yesteryears. He remarked that India's growth rate has declined from about 8.3% to about 6% during 2012-13 and 2013-14. India is still battling "legacy issues" aka bad loans but the NDA government is taking care of it, he added.
Reforms will radicalize Indian economy
Panagariya said that the benefits of the measures taken by the present government, such as GST, Insolvency and Bankruptcy Act and Aadhaar, are just starting to show. Speaking about the Sustainable Development Goals (SDGs), Panagariya said that several of them mirror India's own national policies, such as National Rural Employment Guarantee Scheme, a program for the girl child, Swachh Bharat Abhiyan, and others.
India needs to succeed
Chairperson of RIS for Developing Countries said that India is an integral proponent of Sustainable Development Goals and if it fails the future of SDGs is going to be bleak. However, India has risen up to the challenge and has taken the implementation "frontally and in a comprehensive way." Gender equality and empowerment of women are also significant for this goal, he added.
