World Economy

$8t Dream for Indian Economy

$8t Dream for Indian Economy  $8t Dream for Indian Economy

The National Institution for Transforming India Aayog vice-chairman Arvind Panagariya is confident that India can be an $8-trillion economy within the next 15 years or even less if it continues with growth-enabling policies.

“The prospects for our economy to become the third largest one in the world in less than 15 years are excellent today,” Panagariya said while delivering the 6th RK Talwar memorial lecture organized by the Indian Institute of Banking & Finance in New Delhi, PTI reported.

The World Bank and the IMF as well as many analysts have predicted that the country would become the third-largest economy after China and the US with a GDP of $10 trillion by 2030.

“Taking into account the real appreciation of the rupee, during the decade of 2003-04 to 2012-13, we’ve grown above 10% per annum in real dollars. At this pace, we can turn the $2-trillion economy at 2014-15 prices into an $8-trillion one in the next 15 years or less. That would place us above Japan, the No. 3 economy now,” he said.

Meanwhile, overseas investors have poured in a net amount of about $1 billion (Rs 6,500 crore) in the Indian capital markets so far this month, helped by positive global cues and easing of foreign investment norms.

This follows a massive outflow of foreign investors’ funds in the previous two months from Indian equity and debt markets.

The net inflow by foreign portfolio investors in equities so far in July stands at Rs. 4,953 crore ($768 million) while the same in the debt market has risen to Rs. 1,547 crore ($232 million), resulting in an overall net inflow of Rs. 6,500 crore, according to the data available with the depositories.