Published 20:35 IST, October 4th 2019
'$5 trillion economy not far fetched', says NITI Aayog Vice Chairman
NITI Ayog Vice Chairman Rajiv Kumar highlighted India's commitment to doubling the per capita income which will, in turn, all lead to a $5 trillion economy
- Economy News
- 3 min read
Indian economic Forum 2019 witnessed some profound discussions over various subjects from current economic conditions of India to sustainable development to opening up the market for further trade with neighbouring countries in the South Asian region. Attending a session named “South Asia Economic Outlook" Niti Ayog vice-chairman Rajiv Kumar highlighted India's commitment to doubling the per capita income which will, in turn, all lead to $5 trillion economy. “India is the fastest-growing economy, there is a dip in current quarter definitely but with fruitful measures, all will be tackled,” added Rajiv Kumar.
'India is the fastest-growing economy'
Present at the session were also Minister of economic reforms of Sri Lanka, Harsha de Silva and Finance Minister of Nepal, Yuba Raj Khatiwada. Harsh de Silva emphasised upon bringing down the walls which is hindering in the progress of Sri Lanka and how it is important to open the borders for greater regional integration. The Finance Minister of Nepal highlighted how they are trying to tie up the infrastructure gap and for various emerging markets Nepal Iooks up to India and China.
'India is very focused on the set growth target'
When the panellists were asked about the future of the South Asian region, the Niti Ayog chairperson was heard saying, “the South Asian cluster will sustain and grow because we are still not utilising all our resources. India is very focused on the set growth target. We have to rectify certain past mistakes made and also prepare for the upcoming challenges”
The relations of India with the United States and China was also discussed, “The relationship with the United States and China are stable. We can and will easily maintain the relationship..we should now prepare ourselves to be a better destination for investment,.trade facilitation right and preparing the markets are our objectives. We can attract export-oriented investments from both countries”, Rajiv Kumar spoke at the session.
'We will modify the labour laws'
Speaking further upon the measures taken to improve the business climate of India, Rajiv Kumar further added, “we are also trying to get regional corporation like access to Chittagong port in Bangladesh. It will help the Northeast for trade. We are also doing asset monetisation, also considering acquiring land which are already in use in the public sector for attractive investments. We will modify the labour laws too..sharper focus on improving the business climate in India. We hope more and more states join in.”
Updated 21:03 IST, October 4th 2019