Indian Economy projected to expand by 7.6 per cent in 2016-17 and accelerate to 7.8 per cent in 2017-24, mainly on the back of domestic consumption demand aided by steady employment and a relatively low inflation, a UN Report for the Asia-Pacific said today.
"The near-term growth outlook is positive, with the projected growth being 7.6 per cent in 2016 and 7.8 per cent in 2017," said the United Nations Economic and Social Survey for Asia and the Pacific-2016 report, which was released here.
"Some progress has been made in reforming the fiscal policy such as the rationalisation of fuel price subsidies, but implementation of the Goods and Services Tax remains an important reform that is being held up due to political deadlock,"National Institute of Public Finance and Policy under the Finance Ministry, who was present, democratic and social deficit are preventing India from looking beyond 7.5-7.8 per cent.
"Democratic deficit and social deficit are preventing India from looking beyond 7.5-7.8 per cent. I will be happy with 7.4 per cent. When we all know that we are not going down to 6 per cent, that is a good news, but we are not going to go up to 9 per cent,"
"Our supply side is short, we have huge challenges on the infrastructure side and project execution."On the export front, he felt that socio-economic conflicts are proving to be a big drag.India can grow at a much better rate if issues related to gender inequality are addressed and women have equal participation in the economy.
Source (Economic Times)
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