Further investment promotion reforms required

India can achieve an 8% economic growth rate for the next two decades if it unleashes the next set of reforms that could help it in realising its full potential, said a UN official.

The UN has projected Indian economic growth at 7.2% in 2018 and 7.4% in 2019.

“It needs to think as to how to maintain and consolidate its growth for a very long period of time. India, in our assessment, has the potential to grow at eight per cent, not for a few years, but 20 years,” said Sebastian Vergara, an Economic Affairs Officer at the UN.

“For that, India needs to come out with the next series of reforms, for example, promote investment and improve the living condition of its population,” Press Trust of India quoted Vergara as saying.

The UN’s ‘World Economic Situation Prospects’ report projected a 6.7% Gross Domestic Product (GD) growth for India this year.

He applauded Indian government’s emphasis on public investment and infrastructure projects and banking reforms. fii-news.com