India should aim to grow at 10%, private sector to be driver of growth: Amitabh Kant
India has no option other than to grow at 10% to catch up with the scale of China, India’s G20 Sherpa Amitabh Kant on Thursday said that the Indian economy is poised to be a $5-trillion economy.
“This is India’s moment. We can go on to be the seventh-largest economy in the world.
But the challenge is to grow at 8-9% per annum. For that, the private sector has to be the driver of growth. Investment rates have to rise, R&D has to go up,” he said while speaking at Public Affairs Forum of India (PAFI)’s 10th Annual Forum 2023 in the capital.
Talking about how China’s economy is five times the size of India’s, Kant highlighted that it grew by 11% between 1990 and 2010.
“Japan was at 10% growth for about two and a half decades, later it was Korea and Taiwan which had those rates. And in most recent times, it has been China. But while they made growth now at 4% and we at 6.5 or 7%, their size is so big.
To catch up, we need to grow at 10%,” he stated.
Directing attention to how the government has been pushing the limits on infrastructure spending, Kant said these had gone up from 1.5% to 4%. “I have recently been travelling to Europe and the quality of our airports is far better.
Our roads are much better than the European roads as well. Look at our national highways — they are top class. Our domestic airlines are far better than many international airlines.
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