India needs 8% growth to improve people’s living standards: Summers – Dainik Savera Times
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New Delhi: India needs to grow at an annual rate of eight per cent by 2050 to transform the living standards of millions of its people and India has the potential for that. Former US Finance Minister and renowned economist Larry Summers gave this statement on Saturday. India’s gross domestic product (GDP) growth rate was 7.2 percent in 2022-23, while it was 9.1 percent in 2021-22.
According to the estimates of the Reserve Bank of India (RBI), the country’s growth rate is likely to be 6.5 percent in the current financial year. Summers clarified that his forecast is not for eight percent growth based on current policy. But, he said that this target can be achieved considering India’s potential. An eight percent expansion in the economy will bring a change in the lives of crores of people, he said.
I think this goal is achievable, because India will define its greatness in the next century. Summers said this at an event titled ‘The World is on Fire’ organized by industry body CII in collaboration with the Department of Economic Affairs (DEA) of the Finance Ministry. He also discussed in detail climate change and the role of Multilateral Development Banks (MDBs).
DEA Secretary Ajay Seth said the G-20 New Delhi declaration emphasized better and more effective MDBs with better representation of the Global South. Chief Economic Advisor V Ananth Nageswaran was also present at the programme.
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