VC of NITI Aayog said, ‘Indian economy can double in 7 to 8 years’

India has maintained a growth rate of 8.5 percent for a long time and if the rate of 8 percent remains in the future, then the economy of the country can double in about 7 to 8 years. NITI Aayog Vice Chairman Rajiv Kumar has said this. “India can double its economy in about 7 to 8 years if it grows at 8 per cent, which is possible as the country has maintained a growth rate of 8.5 per cent for a long period of time,” Kumar said.

He said, “If things stay normal, and we don’t face a fourth wave of the pandemic or any dire consequences in Ukraine, we can achieve 8 percent growth because we have done that. If we can do that So we can achieve the target of doubling the economy in about 7 to 8 years. The goal of becoming a $5 trillion economy is not rhetorical, he said. India is already a USD 2.7 trillion economy, it just needs to double.

Noting that India has maintained a growth rate of 8.5 per cent during 2003 to 2011, he said, “We must accept the fact that India is the only country which is fully caring for the environment. This growth (8%) has to be achieved.”

Reserve Bank did not increase interest rates

It is worth noting that with the aim of giving impetus to the country’s economy, the Reserve Bank of India did not increase the repo rate this time too. The Reserve Bank in its Monetary Policy Committee review held in February had decided not to increase the repo rate and with this it remained at 4 per cent. In addition, the central bank had not changed other key interest rates either.

RBI Governor Shaktikanta Das had said that it has been kept at 4 percent without any change in the repo rate. The MSF rate and bank rate were also not changed, they were kept at 4.25%. At the same time, the reverse repo rate was also kept at 3.35% without any change.