GDP to grow 8% in FY16 and touch $3 tn mark in 5 years: Arvind Panagariya
According to NITI Aayog Vice Chairman Arvind Panagariya,India's
growth rate is expected to accelerate to 8 p%er cent in the current financial
year and the economy will surpass USD 3 trillion mark in less than five years.
Indian economy, which
is little more than USD 2 trillion, recorded a growth rate of 7.3 % in 2014-15.
India is presently the third largest economy in Asia after China and Japan.
The world economy is large and our share in the world
exports is still below 2 5.
The US economy grew a
healthy 2.4 % in 2014, which has led to speculation that the country might now
begin raising the interest rate.
China, the second largest economy now, has been growing
above 7 % as well.