Monday, October 18, 2021
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India to Grow in Double Digits; Making it One of the Fastest Growing Economies

The finance minister stated that she anticipates economic growth in the region of 7.5-8.5 per cent next year, which she intends to continue for the following decade. She pointed out that, while the Ministry of Finance has yet to decide on the growth rate, the World Bank, IMF, and rating agencies have all gotten close to this figure for India.

When asked about the world economy status during a meeting with Harvard University Professor Lawrence Summers at the Mossavar-Rahmani Center for Business and Government, Ms Sitharaman said: “I don’t think you can have one image for the entire planet.” Emerging market economies are expected to recover quickly and to be on a development path that will almost certainly earn them the label of “growth engine.” They are the ones who are going to propel the global economy ahead.” She went on to say that several other developing market nations will have strong growth rates as well.

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When asked about the historical rarity of continuous growth of 8% and her medium- and long-term vision of where that growth will come from, Ms Sitharaman stated that she does not believe that any country’s post-pandemic development can be comparable to what occurred previous to the pandemic.

The COVID-19 pandemic, she said, is one of the reasons for the reset, which is “happening from certain geographical territories where people are coming out of it, looking for other places where they can run their businesses from because you no longer have the transparency and rule of law in certain geographical territories.” According to the minister, all of these are external elements that aided India in attracting firms to set up shop there.

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India would attract investments, according to Ms Sitharaman, and have the purchasing power to demand the finest from whoever creates it. Even now, India is the greatest in agriculture. Similarly, India manufactures labour-intensive units, partly-skilled labour-intensive industries such as textile, footwear, and leather, and some parts and components for the industry.

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