Indian Economy Can Grow At 8% Or More Till 2047: Senior IMF Official

New Delhi:

Indian system tin turn astatine 8 per cent aliases much till 2047, if nan state tin redouble nan bully policies that it has implemented complete nan past 10 years and accelerate reforms, India's executive head astatine International Monetary Fund (IMF) Krishnamurthy Venkata Subramanian said today.

Mr Subramanian further said that intelligibly 8 per cent maturation target is ambitious, because India has not grown consistently astatine 8 per cent before, but it is achievable.

"So, nan basal thought is that pinch nan benignant of maturation that India has registered successful nan past 10 years, if we tin redouble nan bully policies that we person implemented complete nan past 10 years and accelerate nan reforms, past India tin turn astatine 8 per cent from present connected till 2047," he said astatine nan Times Now Summit.

India's system grew astatine better-than-expected 8.4 per cent successful nan last 3 months of 2023, logging nan fastest gait successful nan past one-and-a-half years.

The maturation complaint successful October-December helped return nan estimate for nan existent fiscal to 7.6 per cent.

"And if India grows astatine 8 per cent, India tin beryllium a USD 55 trillion system by 20147," Mr Subramanian added.

He pointed retired that historically from 1991 onwards, India's mean maturation has been somewhat much than 7 per cent.

Mr Subramanian emphasised that India needs to fortify its home system arsenic astir 58 per cent of nan country's GDP comes from home consumption.

"Therefore, you know, we do person nan imaginable if we tin create capable jobs, you know, that will lead to overmuch higher consumption," he said.

India's IMF executive head stressed connected request of encouraging manufacturing assemblage for occupation creation.

He besides pointed retired that reforms are required successful land, labour, capital, and logistics sector.

"Reforms are required successful nan manufacturing sector, but astatine nan aforesaid time, we besides request reforms successful our banking assemblage to supply in installments for manufacturing sector," Mr Subramanian noted.
 

(Except for nan headline, this communicative has not been edited by NDTV unit and is published from a syndicated feed.)