NEW DELHI, June 2: India would achieve economic growth of eight years over the next two years, while in the current financial year, a growth rate of 7.5 was expected, NITI Aayog Vice-Chairman Arvind Panagaria said here today.
”We inherited a fragile economy but recovery began under the present Government,” Mr Panagaria said here at press conference on three years of the Modi Government in office.
”I expect 7.5 pc growth in the current financial year, and before the Government ends its present term, the growth will be 8 per cent,” the NITI Aayog Vice-Chairman said.
He said he was not saying that this Government turned every inherited negative into positive, but inflation was lower at three per cent and the current account deficit had been brought down to one per cent.
Mr Panagaria described GST as the most important economic reform brought in by the present Government, and the Insolvency and Bankruptcy Act as the second biggest achievement.
”Now we are coming to address NPAs in which some substantial progress was expected in next six months,” he said.
On the strategic sale of Air India, the NITI Aayog Vice-Chairman said it was time now for strategic disinvestment as it should have happened faster. Mr Panagariya said a dozen PSUs were under closure, based on the recommendations of the NITI Aayog.
On Employment, he said the data was lacking, and in view of that NITI Aayog was enabling creation of robust annual nation-wide data and quarterly urban data on employment.
He said the NITI Aayog Task Force on Poverty had already submitted its report to the Prime Minister.
Moreover, discussions on the National Energy Policy, being drafted by the Aayog were underway, he said.
(UNI)
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