Sinha pushes pro-West ‘structural reforms’
11 Dec 2014 5:29 PM GMT
Pitching for structural reforms, Minister of State for Finance Jayant Sinha on Wednesday said they were necessary for achieving a sustainable growth of 7-8 per cent and making India a $5 trillion economy in next 12 years.
"If we take our $2 trillion economy and get it on the sustainable 7-8 per cent growth rate then we have a situation when the economy doubles in 10 or 12 years to $4 trillion economy. If rupee strengthens we may end up getting closer to $5 trillion economy," he said while addressing the Delhi Economics Conclave here. "We also need to get the economy up to a long term growth rate of 7-8 per cent, it will have ups and downs. But ultimately long term growth rate for the Indian economy has to be 7-8 per cent," he said.
Sinha said there was a need to control inflation at 4-6 per cent over the years.
Listing the priorities before the government, he said, there is a need to pursue macroeconomic stability, build world class infrastructure, unlock entrepreneurial energy and put in place social security system.
Sinha also made a case for supply side revolution to enable the country dramatically increase its growth potential.
"If we take our $2 trillion economy and get it on the sustainable 7-8 per cent growth rate then we have a situation when the economy doubles in 10 or 12 years to $4 trillion economy. If rupee strengthens we may end up getting closer to $5 trillion economy," he said while addressing the Delhi Economics Conclave here. "We also need to get the economy up to a long term growth rate of 7-8 per cent, it will have ups and downs. But ultimately long term growth rate for the Indian economy has to be 7-8 per cent," he said.
Sinha said there was a need to control inflation at 4-6 per cent over the years.
Listing the priorities before the government, he said, there is a need to pursue macroeconomic stability, build world class infrastructure, unlock entrepreneurial energy and put in place social security system.
Sinha also made a case for supply side revolution to enable the country dramatically increase its growth potential.
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