Indian economy to grow 7-8% in next couple of decades: Panagariya

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 ...

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