Possible for India to sustain 8% growth: Sitharaman (Roundup)

New Delhi, Oct 6 (IANS) Commerce Minister Nirmala Sitharaman on Thursday said that an 8 per cent growth rate was achievable for India and sustainable over the long term with the combined efforts of the Centre and the states.

“I think it (8 per cent growth) is achievable. Across states we find the urge to get out of the rigmarole. The kind of issues the government has brought forward, these have been very well received by states,” Sitharaman said at the World Economic Forum’s India Economic Summit here.

“I can see 8 per cent growth argument going down well with every government in states and Centre. People have recognised the factors on which we have to work, so political parties cannot differ on them,” she added during a panel discussion on India’s economic growth.

Private participation with government can expedite the growth process, she said.

“The mission is sustainable inclusive growth. We need to create 1 million jobs a month and also keep those jobs. So the focus is on skill building converged with digital efficacy,” GE Hong Kong SAR, Vice-Chairman John Rice, said during the panel meet.

To move towards growth, he said that more emphasis should be given by India on promoting exports for the goods to compete on a global level.

“We are a big proponent of Make in India. But more emphasis should also be on exports. True benchmark is that whatever you are building should be able to compete on a global level,” he said.

There is a great buzz about India in the world that has never been seen in the last two decades and the digital era combined with availability of resources can take India towards a sustainable growth, Vedanta Resources founder Anil Agarwal said.

India has great opportunity in technology which can help in creation of more jobs, Paytm India Founder and CEO Vijay Shekhar Sharma noted.

“India is consuming significant amount of technology. Indian entrepreneurs can lead in technology. I believe for next 5 years India has great opportunity in mobile technology. Technology has the scope to create more jobs,” Sharma said.

India is on a very strong position, and is being touted as the market to go for in the global space, Professor of Economic at the Harvard University Gita Gopinath said.

“But the question to look forward is how India can sustain the growth for decades. Biggest challenge is to sustain even 8 per cent growth with providing ease of doing business continuously, synergy between social and political institutions,” Gopinath said.

“Inflection point will be if India can stay at 8 per cent for long period of time,” she added.

–IANS

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