Indian economic system to develop 7-8% in subsequent couple of many years: Panagariya – Instances of India

NEW DELHI: Indian economic system, which has grown pretty quickly within the final 17 years, will develop at 7-8 per cent within the subsequent couple of many years, former Niti Aayog vice chairman Arvind Panagariya stated on Wednesday.
He additionally rejected the thought of evaluating India’s financial scenario with that of Sri Lanka, which is dealing with an financial disaster, and emphasised that India is a really secure economic system.
“We’ve got been rising pretty quickly within the final 17 years… We’ll develop 7-8 per cent within the subsequent couple of many years,” Panagariya, who’s at present a Professor of Economics on the Columbia College, stated.
Talking at an occasion organised by Columbia World Centre right here, he famous that the nation’s economic system grew 7.4 per cent between 2014-15 to 2019-20.
The World Financial institution has reduce India’s financial progress forecast for the present fiscal to 7.5 per cent.
India’s economic system grew 8.7 per cent in 2021-22 the place it had contracted 6.6 per cent within the year-ago interval.
On GST, Panagariya stated, “we should always get to 2 GST charges (construction)…. Additionally, we have to prune the GST exemption checklist.”
A nationwide Items and Providers Tax (GST), which subsumed 17 native levies like excise obligation, service tax and VAT and 13 cesses, was rolled out in July 2017.
Below GST, a four-rate construction that exempts or imposes a low charge of tax of 5 per cent on important gadgets and high charge of 28 per cent on vehicles is levied. The opposite slabs of tax are 12 and 18 per cent.
On sure consultants and politicians evaluating the present scenario in Sri Lanka with that of India, Panagariya stated, “it’s nonsense to check the present financial scenario in Sri Lanka with India. India is a really secure economic system.”