Indian economy seen at $10 tn by 2030 at SKOCH summit by economists

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New Delhi | December 22, 2017 5:58 AM

India could be a $10-trillion economy by 2030 if the average annual real GDP growth reaches 7.6% during this period, economists and policymakers opined at a SKOCH summit on Thursday.

Indian economy, SKOCH summit,  GDP growth, Baijayant Jay Panda, Suresh Prabhu, commerce and industry minister, economic growth, economic growth“India needs investments of a massive scale to accelerate economic growth, which has been hovering at around 6% in the recent quarters,” said Suresh Prabhu, commerce and industry minister, at the summit. (Reuters)

India could be a $10-trillion economy by 2030 if the average annual real GDP growth reaches 7.6% during this period, economists and policymakers opined at a SKOCH summit on Thursday. “India needs investments of a massive scale to accelerate economic growth, which has been hovering at around 6% in the recent quarters,” said Suresh Prabhu, commerce and industry minister, at the summit. He highlighted the role of entrepreneurs saying, “they must be roped in to ensure efficient investments” for growth and development of the country. He added that investments should be encouraged following savings as both go hand in hand. While Baijayant Jay Panda, member of parliament, noted that despite India’s recent slowdown it has been one of the fastest growing economies in the world.  He said the rise in automation and robotics were proving it tougher in creation of jobs in the country. There is a need for new labour laws as the present ones — around 200 of them — are a reflection of inspector raj and are holding back economic growth and development.

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