India’s GDP growth made a comeback at 6.3% in the July-September period from a three-year low of 5.7% in the previous quarter due to disruptions caused by demonetisation and the GST destocking. However, India’s economic growth missed China’s with a little difference. China’s economic growth was at 6.8% in the same period. For India to beat China’s economic growth, and to reach its best performance when it was growing at the double-digit rate for three years, Niti Aayog’s Rajiv Kumar shared a three-point formula.
In an interview with ET Now, Rajiv Kumar said that the Indian economy must grow in double-digit, the way China sustained the double-digit growth for three years. He said, for India to show a remarkable growth, the demographic dividend must be exploited. He also said that India should work on to achieve specialisation in the exports sector and the Reserve Bank of India must come up with assurance for the industries which have remained mute so far.
Earlier in December too, Rajiv Kumar said that India can take over the baton of higher growth from China for the next three decades if ties between the two Asian giants remain buoyant and the Indian economic trajectory follows the Chinese one. He also highlighted Modi’s plan to achieve double-digit growth by 2022. “India should be achieving double-digit growth. So that we can achieve six freedoms – freedom from poverty, squalor, corruption, terrorism, casteism and communalism,” PTI quoted Rajiv Kumar as saying during an event in China’s capital Beijing.
Recently, top banker Uday Kotak, too, explained what India must do to match China’s economic growth. He said that India must focus on improving quality of its infrastructure. “I think India has come a long way, but the road ahead is even more interesting and challenging. For a country to be a truly developed country, it’s not that the poor have cars, it’s that the rich use public transport. That’s something we must do, how do bring the level of infrastructure and its quality, and the softer aspects have really got us there.”