“India Is Certainly Not In Crisis”: Arvind Panagariya On Growth, Investment And Reforms

India’s latest growth numbers have sparked a fresh debate over the strength of the economy. In an exclusive conversation with India Today’s Marya Shakil, Arvind Panagariya, Chairman of the 16th Finance Commission and former Vice Chairman of NITI Aayog, says India’s economy is “certainly not in crisis.” Panagariya points to average growth of around 7.3% over the last three years, strong manufacturing growth and a rise in gross fixed investment. He also argues that criticism over GDP methodology and inequality needs to be examined against empirical data. At the same time, he stresses that India must continue reforms and make the business environment more investment-friendly to sustain growth.