Listen to the head of the commission that distributes government money, he told how fast the country will grow.

Ronit Kawale
Ronit Kawale  - Senior Editor
3 Min Read


highlights

The Finance Commission is constituted by the President.
Arvind Panagariya is the head of this commission.
Currently the country is growing at the speed of 7 percent.

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New Delhi. 16th Finance Commission Chairman Arvind Panagariya said on Wednesday that India can realistically increase its economic growth from the current seven percent to around nine percent by implementing some more reforms in the next five years. Panagariya said that Prime Minister Narendra Modi has worked hard in the last 10 years to make India a favorable place for business, hence investment is coming. It is noteworthy that the Finance Commission is constituted by the President and its main function is to give suggestions on how the tax money will be distributed between the Center and the states.

In a conference of 'Times Now' he said, “Today the economy is open. “We can grow very rapidly in the next two-three decades.” India's economy grew at a better-than-expected rate of 8.4 percent in the third quarter of the current financial year (2023-24) – which is the highest figure in the last one and a half years.

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What is the speed now?
The leading economist said, “India is currently growing at the rate of seven percent. “Certainly with some more reforms in the next five years we can realistically take it closer to nine percent…and this can easily be sustained for a few decades.” Responding to a question on former Chief Economic Advisor Arvind Subramanian's statement “India's latest gross domestic product (GDP) figures are absolutely mysterious and difficult to understand”, Panagariya said, “If you are confused, first you have to check , (Is) the fog on your own glasses… or somewhere else.”

Change in the method of GDP calculation
Panagariya said that the methodological changes for calculation of GDP during the Modi government were recommended by the bodies appointed by the previous administration (UPA government). He said, “Nobody has…questioned the integrity of the people who actually come up with these (GDP) numbers. This is a new kind of phenomenon, which I do not understand.”

Tags: Business news in hindi, Finance, GDP growth

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