Fast pace of Indian economy, economy can double in seven-eight years at the rate of 8 percent

NITI Aayog Vice Chairman Rajiv Kumar said on Saturday that India’s economy can double in seven-eight years if the growth rate of eight per cent is maintained. Speaking at an event here, Kumar said it is possible to do so as the economy has maintained a growth rate of 8.5 per cent for a long time.

Kumar said, “Everything remains normal, if the fourth wave of the epidemic does not come or the Ukraine crisis does not have a serious impact, then we can grow at the rate of eight per cent as we have done it earlier also. If this happens then the economy can double in 7-8 years.

RBI Governor had said that there will be no shortage of cash, last week, while addressing a program of Business Chamber CII, RBI Governor Shaktikanta Das said that in March 2020, Rs 17 lakh crore capital has been infused in the economy affected by the Corona epidemic. He had assured the industry that the RBI would not allow any shortage of cash in the economy and would continue to ensure the availability of sufficient cash.

He said that to make the loan cheaper, RBI has reduced the repo rate by 75 basis points. And when the financial market was in trouble Joe announced several measures to infuse his cash.

However, in the immediate circumstances, the economy is going through some difficult times. A day earlier, UN Conference on Trade and Development (UNCTAD), an organization of the United Nations (UN), has cut its estimate of India’s economic growth. UNCTAD report states that India’s economy will grow at the rate of 4.6 percent in 2022. War and rising inflation are making the world difficult.