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India to become 10 trillion dollar economy in 15 years

Panagriya says India did not have to compete but rather cooperate with China to achieve high growth

Policy Pulse
Publish Date: Oct 8 2016 3:06PM | Updated Date: Oct 8 2016 3:07PM

India to become 10 trillion dollar economy in 15 years

NITI Aayog's vice chairman Arvind Panagriya said that India could become a 10 trillion dollar economy in next 15 years, if India continues to reform and grow. Currently India's economy is estimated to be worth nearly 2 trillion dollars.


"India started rapid growth a little later than China, but now it has the potential to accomplish in the next 15 years what China did in the last 15 years. It's Gross Domestic Product (GDP) could touch 10 trillion dollars in the next 15 years," Panagriya said.


He also emphasized that India did not have to compete, but rather cooperate with China to achieve high growth.


"With China promoting investment, and India seeking investment, it should enable it to take advantage of the synergies and put in place a vigorous framework to strengthen bilateral investment relationship," he said.


Pointing out that India had much to learn from China's experience in the manufacturing sector, he said that India and China were the "two bright spots" in an otherwise dull global economy.


"Despite a decline in its growth rate, China contributes a handsome 500 billion dollars or more to the annual growth of the global economy," Mr Panagriya said.


His Chinese counterpart Xu Shaoshi - chairman of China's National Development and Reform Commission -- agreed that India and China could grow together.


"China and India are two important forces, powerhouses of Asia and the world. There is need for them to go beyond bilateral relationships," he said.


"We need more consensus on cooperation in the region. India has active promotion policies like Make in India and Start-up India while China has initiatives including smart manufacturing," he added.


At the meeting both sides agreed for a joint initiative for realizing Sustainable Development Goals in each country, and the creation of a forum to identify and facilitate bankable projects in energy, infrastructure and other sectors.