Breaking News

You are here » Indian-Commodity  :  Top News  :  Growth of 8 to 8 per cent plus doable for Indian economy for next 10 years: Arvind Subramanian

19-Jul2016

Growth of 8 to 8 per cent plus doable for Indian economy for next 10 years: Arvind Subramanian

Expressing his optimism on good economic growth, Chief Economic Advisor (CEA) Arvind Subramanian has said that 8 per cent growth for Indian economy is easily doable in the next 10 years, provided the international market remain a cooperative. He said “the country is already growing at 7 per cent plus, so I think that 8 to 8 per cent plus growth for the next 10 years is imminently doable”.

Noting that India has grown at an average of 6.5 per cent in the last 35 years Subramanian said the expectations of big bang or radical reforms in India are “historically unreasonable standard” when the country is not facing any serious economic crisis and when power is dispersed within the Centre and among the Centre and states. He further noted that the higher growth trajectory and reforms will be led more by the competitive federalism of States.

Subramanian further said that change is coming in the country through measures of the Centre but more importantly through the dynamism from decentralisation or competitive federalism which will be helpful to the country.  Stating that as more and more good governance works are getting rewarded in assembly elections in India, the higher level of political institutions should sustain higher level of growth.

Subramanian also said that there is no control over the exchange rate due to opening up of the economy to foreign capital flows over the last 15 years. He also said that the incremental reforms being pursued by the government, greater sharing of resources with the states and the India's mature level of political institutions should push higher growth. The Indian economy grew by 7.6 per cent in 2015-16 and the government is eyeing 8 per cent growth this fiscal. A good monsoon is expected to aid growth this fiscal.


Related News

View all news

Crude oil futures end lower on Monday

Crude oil futures ended lower on Monday as steep declines in the US stock market fed an aversion to so-called riskier assets, which include oil. Meanwhile, the US-China trade dispute escalated as China......

Gold futures trade flat on Monday

Gold futures was trading flat on Monday as growing uncertainty over whether the United States and China will be able to reach a deal to end their escalating trade war fueled safe-haven demand for the precious......

Jeera futures trade higher on rising demand

Jeera futures traded higher on NCDEX on the back of rising physical and export demand at the spot market. However, higher availability of crop this season, capped some gains.The contract for May delivery......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......