Arvind Panagariya, chairman of the 16th Finance Commission, has expressed hope of good growth for India in the long term. On March 1, he said that India's goal of becoming a developed country by 2047 is about to be achieved. He said that on one hand additional reforms are necessary, on the other hand India is in a position to maintain the required economic growth in dollars at current prices. In the last 21 years from 2003-04, India's growth in dollars has been 10.1 percent at current prices.
Stability is necessary in matters related to economy
Panagariya said that if we continue this growth rate for the next 10 years, then India will be an economy of 9.5 trillion dollars. He also emphasized on continuing stability and democratic governance in matters related to the economy. He called these necessary conditions for growth. He said that if India wants to reach an income of 14,000 dollars per person by 2047, then an annual growth rate of 10.1 percent in dollars at current prices will have to be maintained.
Per capita income $2,570 in 2023-24
He said that if India wants to become a high income country at 2023 dollar prices, then it will have to cross the limit of $ 14,000 per capita income. To reach $ 14,000 per capita income by 2047, 7.3 percent growth in per capita income is necessary. He said this in a program organized on the occasion of 49th Civil Accounts Day in Delhi. India's per capita income in 2023-24 was $ 2,570. He said that there is full scope to increase it. This can use India's growth potential in the coming decades.
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Population growth is expected to be 0.6 percent annually
Panagariya said that India's population growth is expected to continue at 0.6 percent annually until 2047. This will provide a favorable environment for economic expansion. Due to this, the goal of developed India seems to be within reach. He said that India's growth rate started increasing in 2003-04. Then the economy started showing 7.9 percent growth. In the last 21 years, India has achieved 7.8 percent growth in dollar terms at constant prices. However, during this period, the rupee has depreciated by 1 percent every year.
