GDP to grow 8% in FY16 and touch $3 tn mark in 5 years: Arvind Panagariya

Highlights:

  • 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.