India Has Potential To Grow At 8%: Montek Singh Ahluwalia
Indian economy, which expanded at 7.7 per cent between 2003 and 2014 has the potential to clock 8 per cent growth in the near future, Planning Commission’s former deputy Chairman Montek Singh Ahluwalia today said. He also said that for India to grow at 7.7-8 per cent, implementation of reforms like Goods and Services Tax (GST) and Bankruptcy law are necessary. Indian economy grew at 7.3 per cent last fiscal and the mid-year economic analysis has forecast a GDP growth of 7-7.5 per cent in 2015-16.
Ahluwalia also noted that although the launch of 1991 economic reforms was a watershed moment, they had actually begun in mid-1980s. Regretting that reforms in taxation have been slower, the former director of IMF said that “in the last 25 years what we achieved we should have achieved in 10 years”.