Arvind Panagariya, Vice Chairman of Niti Aayog says that the Indian Economy will be $7.25 trillion by 2030.
Vice Chairman of Niti Aayog, Arvind Panagariya says that the Indian Economy will trigger a three-fold expansion of $7.25 trillion by 2030 and an average growth rate of 8 percent over the next 15 years.
In a Presentation which was chaired by the Prime Minister Narendra Modi, today at a Governing Council meeting which was attended by the 28 state chief ministers, the administration think- tank the projected size of the Economy.
Panagariya told the reporters that the GDP of India is large and it is expected to grow an average growth rate of 8 percent over the next 15 years, the GDP will be around USD 7.25 trillion (Rs 469 lakh crore) by 2030. He also added that in 2015-16 the country’s GDP stood at USD 2.11 trillion.
After the meeting about the Aayog’s detailed presentation, Panagariya was briefing the media about the 15-year vision, 7-year strategy and 3-year action plan for the country.
When asked whether the Aayog has given up hopes of double-digit growth, he said, “We could grow at 8 per cent in rupee and 10 per cent in dollar terms.”
Elaborating it the CEO of Niti Aayog, Amitabh Kant said that the average growth rate could not be same in all the years.
On the Prime Minister pitch, there have been simultaneous elections and there has been a change in the fiscal year from April-March to January-December. He also added that it is good to change the fiscal year from January-December and it will be beneficial from the farmer’s perspective where it coincides with the harvest season.
He said that the Prime Minister Narendra Modi has asked the states about changing the fiscal year from April-March to January-December.
Amitabh Kant said that two suggestions are made by the Prime Minister one is simultaneous elections and the other is fiscal year, In a large country like India, states also matter and we need their inputs.
He also said that there are 100 districts in the country which are not performing well in some of the parameters like education, electricity, health. If these parameters are enhanced then the country can progress well, he said.
“India 2031-32: Vision, Strategy and Action Plan” is the document titled by Niti Aayog’s which says “new India awaits two-wheeler or car, air conditioner and white goods for nearly all”.
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According to Panagariya’s presentation, India’s per capita GDP will rise by Rs 2 lakh in 2031-32 from 2015-16. India’s per capita GDP is currently Rs 1, 06,589 and will rise to Rs 3, 14,776 in 2031-32.