Arvind Panagariya, Chairman of the 16th Finance Commission, believes India can achieve 9% economic growth in 5 years through reforms, praising PM Modi s efforts to attract investment and challenging critics on GDP calculation methodology.
The CEOs said that ease of doing business is crucial, and bold reforms that can speed up approvals will help unleash growth. They explained that boosting consumer demand across sectors can generate more jobs.
In the last few years, India achieved ambitious export goals that would have been considered unrealistic till just recently. Now, this is not just a substantial increase in aspiration, but one realised as the world economy is still recovering from the Covid pandemic. The basis for this confidence is a range of reforms in manufacturing, labour, finance, skills and trade facilitation. Added to that is a steady improvement in the ease of doing business.
India, the Global Growthstar, shines amid economic uncertainties. Fueled by size, transformative reforms, and strategic investments, it s the fastest-growing large economy. With a youthful demographic, innovative solutions, and structural reforms, India influences global growth, set to claim the third spot by 2027.