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India can be $10-trillion economy in next 15 years: Arvind Panagariya


India can become a USD 10 trillion economy in the next 15 years, from the existing USD 2 trillion, like China did in last one and a half decade, said NITI Aayog Vice-Chairman Arvind Panagariya Friday.

“India started off to 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. Today, India’s GDP stands at about USD 2 trillion and it has good prospects of rising to USD 10 trillion in the next 15 years,” Panagariya said addressing the India China Investment Conclave at Ficci.

“What China has accomplished in last 15 years is very impressive. It (China’s economy) has gone from USD 2 trillion 15 years ago to USD 10 trillion today.”

NITI Aayog is preparing a 15-year vision blueprint which will provide a road map for developing India into a big economic powerhouse with inclusive growth.

Analysts say Indian economy will have to grow at over 10 percent in the next 15 years to hit the USD 10 trillion level.

On bilateral co-operation, Panagariya said, “With China promoting out-bound investment and India seeking foreign capital and technology, it should enable us to take advantage of the synergies and put in place a vigorous framework to strengthen bilateral investment relationships.”

He was of the view that there is much scope for India to benefit from Chinese experience in the manufacturing sector and transform the country into a modern urban economy.

Panagariya termed India and China as “two rare bright spots” in an otherwise sluggish world economy. “Despite a decline in growth rate, China contributes a handsome USD 500 billion or more to annual growth of the global economy,” he said.

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