New Delhi - India has large avenues of growth to sustain a GDP increase of 7-8% for two decades, unlike any other major economy, Finance Minister Arun Jaitley said on Wednesday.
He said that obstructionist ideas and technology naysayers need to be “smashed” and quick decision making would help India stay on higher growth trajectory.
“One of the foremost efforts has been that you take quick decisions, you implement quick decisions, if some of them by hit and trial process turn out to be erroneous make the correction, you take the criticism in right spirit.
“And once you are able to do that, most decisions have proved us to be right. If you look at where we stand today, we are the only major economy in the world growing at 7-8 per cent,” Jaitley said.
He was speaking at the launch of a book ‘The Path Ahead' authored by NITI Aayog CEO Amitabh Kant.
Jaitley said India is perhaps the only large economy in the world which in the next 10-20 years, by 2030 and 2040, will have the ability to sustain 7-8% growth.
“Developed economies have very fewer avenues of growth. We still have very large avenues of growth. .... India's largest impact on the world over the next 2 decades will be on the strength of consumption,” he said.
The economy grew at 8.2% in the April-June quarter of current fiscal. It grew at 6.7% in 2017-18.
“...when you have a consumer base of this kind, your middle class will become larger than the population of any other country other than China. And therefore every investor is compelled to come to you, and are expected to put in money into the country,” he said.
The path ahead for India is to shun “obstructionists who had become so used to of India living in poverty”..
“Why must you have EVM, let's go back to paper, why must you have digitisation let's go back to cash currency, why must you have Aadhaar, let's have manual way of checkng. So the obsolete thinking in these areas need to not only defeated but smashed,” Jaitley added.