Double-digit growth possible if reforms go on: Arvind Panagariya
PTI January 30, 2016
India is expected to get on to a double-digit growth in the next 2-3 years if reform process continues, NITI Aayog Vice-Chairman Arvind Panagariya said today.
Besides, he expressed hope that GST will be implemented as both parties concerned broadly agree on the comprehensive indirect tax reforms.
"The scope of India to expand is quite considerable as long as our reform process moves in right direction. We have reason to expect that we will, as I have been arguing, in next 2-3 years begin to touch a double-digit growth. So, I see a very optimistic future," he said at the ET Global Business Summit.
Even today, he said, when the world market is not growing or growing slowly, India is a very large market with merchandise exports alone at about USD 18 trillion and services exports at $5 trillion.
"So, if we stay on the reform path and do the right thing, I think the pie that exists is very large. Our current share is 1.75 per cent of $18 trillion... and about 3 per cent of $5 trillion in services exports," he said.
On reforms, Panagariya is confident that GST will go through.
"This is something which has had support from both sides.