Indian economy to grow at 7-8% in next couple of decades: Arvind Panagariya
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Former Niti Aayog Vice Chairman Arvind Panagariya has said that Indian economy, which grown fairly rapidly in the last 17 years, will grow at 7-8 per cent in the next couple of decades. He noted that the country's economy grew 7.4 per cent between 2014-15 to 2019-20.
On GST, Panagariya said ‘we should get to two GST rates (structure).... Also, we need to prune the GST exemption list’. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out in July 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent.
On certain experts and politicians comparing the current situation in Sri Lanka, which is facing an economic crisis, with that of India, he said ‘it is nonsense to compare the current economic situation in Sri Lanka with India. India is a very stable economy’.
