India’s economic growth will be sustainable at 8 to 10 per cent per annum over the longer term, said Arvind Panagariya, who is the vice-chairman of the National Institution for Transforming India (NITI) Aayog.
“In the longer-run, the growth will be sustained by between 8 per cent and 10 per cent per annum over the next 15 years. India has good prospects and support of the government’s growth-oriented policies,” Mr. Panagariya said.
Giving an upbeat assessment of the economy, Mr. Panagariya said, “Infrastructure is happening more rapidly and bottlenecks on sectors, including environment and coal, have been removed.”
Noting that the capital goods production had increased by 10 per cent over the last three months, he also touched on the 7.3 per cent Gross Domestic Product growth posted in the fiscal 2014-15.
“Foreign investors are coming in and that is a good signal for general environment for the investment,” he added.