Indian economic system to develop at 7-8% in subsequent few a long time: Panagariya

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The Indian economic system, which has grown fairly quickly within the final 17 years, will develop at 7-8 per cent within the subsequent few a long time, former NITI Aayog vice-chairman Arvind Panagariya stated on Wednesday.

He additionally rejected the thought of ​​evaluating India’s financial scenario with Sri Lanka, which is dealing with an financial disaster, and emphasised that India is a really steady economic system.

Panagariya, who’s at present a professor of economics at Columbia College, stated, “We’ve got been rising very quick within the final 17 years. We’ll develop 7-8 p.c within the subsequent few a long time.”

Talking at an occasion organized by the Columbia International Heart right here, he stated the nation’s economic system grew by 7.4 p.c between 2014-15 and 2019-20.

The World Financial institution has lowered India’s financial development forecast for the present fiscal to 7.5 p.c.

India’s economic system grew by 8.7 per cent in 2021-22, the place it had contracted by 6.6 per cent within the year-ago interval.

On GST, Panagariya stated, “We should always get two GST charges (construction)… Additionally, we have to cut back the GST exemption listing.”

A nationwide Items and Companies Tax (GST), consisting of 17 native levies resembling excise obligation, service tax and VAT and 13 cesses, was launched in July 2017.

Below GST, a four-rate construction that exempts or levies a decrease price of 5 p.c on important items and a prime price of 28 p.c on vehicles. The opposite slabs of tax are 12 and 18 per cent.

On evaluating Sri Lanka’s present scenario with India’s by some specialists and politicians, Panagariya stated, “It’s nonsense to check Sri Lanka’s present financial scenario with India. India is a really steady economic system.

(Solely the title and picture of this report could have been reworked by Enterprise Commonplace employees; the remainder of the content material is generated robotically from a syndicated feed.)

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