India should aspire to grow at 10%: Baijayant Jay Panda

current Indian economic growth rate of 5% is not optimal and country should aspire to grow at 10% for a sustained period just as China did for about three deces, BJP Vice President and Spokesperson Baijayant Jay Panda has said.

Indian economy, which till recently was hailed as fastest-growing major economy, saw growth rate drop to 5% in April-June 2019 from 8% recorded a year earlier. Bharatiya Janata Party (BJP) leer emphasised that Indian government led by Prime Minister Narendra Modi has been responsive and committed to getting growth rate back on track.

"When we talk of Indian economy in recent months, almost entire discussion has been about lowered GDP growth rateWhen we talk about a 5% growth rate, let us be very clear - it is not optimal, we should have no hesitation in acknowledging that India needs a much higher growth rate," Panda said during a special dress at Columbia Indian Economy Summit here on Friday.

summit was hosted by Deepak and Neera Raj Center on Indian Economic Policies at Columbia University's School of International and Public Affairs in partnership with Consulate General of India, New York.

"We definitely need to be planning to get back to at least 8 per cent growth rate that we have h, even in recent past. But if I h my drurswe should really be aspiring to have a 10 per cent growth rate and for a sustained period, like China h for about three deces," he said. Highlighting some of major reforms undertaken by Modi government, Panda said single biggest economic reform that has happened not just in last five years but in history of independent India has been Goods and Services Tax (GST).

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"You could argue that it is not a perfect tax. I would argue that we h options, because of consensus that h to be built, of not having a GST (but) of having continued with a far more complex, many more taxes, much more paperwork that existed or to go ahe with having a GST though not ideal, (but one that) dramatically reduces complexity and n you fix it as you go along, which is exactly what has happened over past two years," he said.

event was also attended by Director at Raj Center and former NITI Aayog Vice Chairman Arvind Panagariya and professor and eminent economist Jagdish Bhagwati as well as or leing members of acemic and Indian-American community. Panda said Indian economy today, despite its lowered growth rate, falls among 30% of global economies, which are in a better-off position.

"Over last one year, ever since Indian growth rate itself came down from 8.2%  to present 5%, global scenario has been one of tre wars and (where) more than two-thirds of world's economies are facing challenges far more severe than what we are experiencing," he said.

Pands noted that in this environment, World Bank has predicted that India will reach a GDP figure of USD 4.7 trillion by 2024, close to aspirational target of 5 trillion dollars set by prime minister Modi. Stressing that biggest challenge of any economy has to be jobs, Panda said same applies for India's economy. Referring to Employees' Provident Fund Organisation data last month that India created 1.1 million jobs, he said challenge was that this job creation cannot be a "flash in pan" and that India needs to create more jobs month after month and year after year.

"And for that, yes, indeed, we do need to get growth rate back up, as I've been talking about. And here, government has been responsive by implementing several measures over past few months," he said.

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On government's August 5 decision to revoke Article 370 in Jammu and Kashmir, Panda said move is "arguably single toughest and biggest political decision that Indian Parliament has taken in 72 years". Panda said se tough decisions h been contemplated and decided on many times. Indian Parliament h passed many resolutions, but it lacked political will and political capital.

"And this is anor example of an attempt to go to roots of a problem rar than just to manage a crisis, rar than just to try to deal with symptoms," he said. "Now, this (revocation of Article 370) has h a lot of discussion around worldre is so much disinformation that has been spre over deces that we recognise it's going to take time to get India's point of view acknowledged, understood and supported," he said.

"When a narrative is out re of 'Indian Occupied Kashmir', it is important to understand that only legitimate successor state to which Jammu and Kashmir can belong as per rules that applied entirely throughout South Asia is India. In fact, it was Pakistan, which illegally, without a shred of documentation or any of rules of independence or partition supporting it, occupied Kashmir. Worse, in 1963 it gave away a part of that Kashmir to China," he said.

"So you can actually legitimately talk about 'Pakistan-occupied Kashmir', you can legitimately talk about 'China occupied Kashmir'. And (for) this narrative to change is going to take time because we believe we are in right so we haven't really bored to put out India's point of view," he said. 

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