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Indian economy can reach $6-8 trillion mark in 15 yrs: NITI

Indian economy can reach $6-8 trillion mark in 15 years: NITI

NITI Aayog Vice-Chairman Arvind Panagariya on Tuesday said the Indian economy has the potential to touch USD 6-8 trillion in the next 15 years, as against USD 2 trillion at present.

“India is currently a 2 trillion dollar economy. If the GDP continues to rise 6-8 per cent, then India can become a 6-8 trillion dollar economy in the next 15 years,” Panagariya said at an interactive session by Indian Chamber of Commerce.

Though there are many challenges before the Indian economy at present, but overall the country has a great future, he added.

“We are back to reforms stage. In the last 10 years, reforms got slowed down, but today we are again in the same position where we had left reforms,” Panagariya said.

He informed that NITI Aayog is working to achieve this target and has accordingly adopted a 15-year vision document.

“The Vision Document is for our long-term goal. And apart from that, we have a seven-year Strategy Document, enlisting the roadmap ahead. Besides that, we have a three-year Action Plan,” Panagariya said.

To boost industry and growth, the economist said different economy-friendly laws are being enacted or amended by states as well as the Centre.

Talking about Assam, Panagariya said that the state needs to aggressively adopt policies to attract industries for growth.

“Unemployment is huge in Assam. We need large, small and mid-sized industries here for growth,” he added.

Speaking about agriculture, Panagariya said that the land in Assam is fertile but the produce is not reaching big markets, resulting in less remuneration for farmers.

“Horticulture, flower and tea are some areas where Assam is doing good. Some people should get into the food processing business now so that products reach bigger markets,” he added.