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Arvind Panagariya
The Indian economy is likely to grow at over 7 per cent in the current fiscal year, former Niti Aayog vice chairman Arvind Panagariya said on Wednesday, while observing that the growth rate should sustain next year too provided the forthcoming Budget does not have any negative surprises. Panagariya further said recessionary fears have been around for a while but so far neither the US nor the EU has gone into recession. "From the viewpoint of India, in terms of headwinds originating abroad, the worst is probably behind us," he told PTI. Earlier this month, the RBI revised down its growth estimate for FY23 to 6.8 per cent from the earlier 7 per cent, while the World Bank revised upwards its GDP growth forecast to 6.9 per cent, saying the economy was showing higher resilience to global shocks. "Overall, I still expect us to end the current fiscal year with a growth rate exceeding 7 per cent. Next year, the 7 per cent growth rate should sustain assuming the forthcoming Budget does not
Indian economy, which has grown fairly rapidly in the last 17 years, will grow at 7-8 per cent in the next couple of decades, former Niti Aayog Vice Chairman Arvind Panagariya said on Wednesday. He also rejected the idea of comparing India's economic situation with that of Sri Lanka, which is facing an economic crisis, and emphasised that India is a very stable economy. "We have been growing fairly rapidly in the last 17 years... We will grow 7-8 per cent in the next couple of decades," Panagariya, who is currently a Professor of Economics at the Columbia University, said. Speaking at an event organised by Columbia Global Centre here, he noted that the country's economy grew 7.4 per cent between 2014-15 to 2019-20. The World Bank has cut India's economic growth forecast for the current fiscal to 7.5 per cent. India's economy grew 8.7 per cent in 2021-22 where it had contracted 6.6 per cent in the year-ago period. On GST, Panagariya said, "we should get to two GST rates ...
Former Niti Aayog Vice-Chairman Arvind Panagariya on Wednesday pitched for a two-rate Goods and Services Tax (GST) structure with a small exemption list. Panagariya also said that the Indian economy has grown fairly rapidly in the last 17 years, and it will grow at 7-8 per cent in the next couple of decades. "We should get to two GST rates(structure)....Also, we need to prune the GST exemption list," Panagariya at an event organised by Columbia Global Centers here. The decision of the GST Council to impose 5 per cent tax on pre-packaged and labelled food items such as cereals, pulses and flour weighing less than 25 kg has generated political controversy. For a commodity measured in litres like curd and 'lassi, the limit is 25 litres. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low ra
The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former Niti Aayog Vice Chairman Arvind Panagariya said on Tuesday, while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored. Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23. "The Indian economy has recovered handsomely, returning to its pre-COVID GDP... Only private consumption is still below its pre-COVID-19 level," the eminent economist told PTI in an interview. While an advanced estimate by the Ministry of Statistics & Programme Implementation (MoSPI) places India's GDP growth in 2021-22, at 9.2 per cent, Panagariya said this is higher than any other country this past year and the recovery has also been across-the-board. The economy, which was significantly hit by the pandemic, had contracted 7.3 per cent in the last ...