India needs sustained GDP growth of 7%-8%, says Dr Pradhan
With bold policies and collective ambition, India can turn challenges into opportunities and become a global economic powerhouse, says Dr V. Anantha Nageswaran, Chief Economic Advisor, Government of India.
“India’s journey to becoming a high-income economy by 2047 hinges on unlocking domestic savings, deepening financial markets, and driving transformative investments in innovation and sustainability,” he said at a two-day ‘International Workshop on India’s Multiple Transitions: Financing a big Investment Push’.
NITI Aayog, in collaboration with the University of California, Berkeley, and Indira Gandhi Institute of Development Research (IGIDR), organised the conference that concluded in Mumbai on 17 Dec.
NITI Aayog Vice Chairman Suman K Bery added that the structural reforms have ensured that India remains a globally attractive destination for investment supported by political stability, the rising domestic consumption of the middle class, robust infrastructure push by the government, sustainable fiscal health and a vibrant class of domestic institutional investors https://www.bseindia.com/.
Dr Basanta Pradhan, Director and Vice Chancellor, IGIRD, participating in the deliberations said that India’s ambition to achieve developed country status by 2047 was a remarkable goal https://www.nseindia.com/.
“To realize it, a sustained GDP growth of 7 to 8% would be needed for a long period of time. It requires investment to pick up and grow rapidly,” said Pradhan.
“Large sums would be needed for critical sectors like energy transition, infrastructure, urbanisation, and human capital development https://www.makeinindia.com/home/.
“However, for an emerging country like India with a significant proportion below the poverty line, financing these investments poses a formidable challenge,” stressed Dr Pradhan.
The International Workshop also saw participation of Dr Donald Hanna, acclaimed academic from University of California, Berkeley. During the course of deliberations, Dr Hanna said India being the world’s most populous country and, now, one of its most fast-growing economies, the success of India in managing the transition to a higher level of income on a more sustainable pattern of resource use is and will be of fundamental importance to global welfare https://www.conexpoconagg.com/.
The technical sessions in the Workshop focused on various aspects of developing a research agenda on alternatives for financing a big investment push were organised.
The conference featured four insightful technical sessions which were namely Macroeconomic management and India’s multiple transitions; Liberalising capital movements; A modern financial architecture for a fast-growing economy; and Fiscal dimensions of a big investment push, said NITI Aayog. Fiinews.com
