India is currently growing well below its potential and need to get back to the growth rate of 8-9%, which is key for job creation and social development, said C. Rangarajan, economist and former chairman to the Prime Minister's Economic Advisory Council.
“We are the fastest growing economy, but we need to reach higher levels. One of the ways to achieve them is boosting the investment climate,” he said speaking at a seminar on ‘Where from Here, Indian Economy?’
The seminar was organised by Madras Management Association in partnership with Konrad Adenauer Stiftung.
Mr. Rangarajan said India must continue on the reforms path and measures like GST and relaxation of foreign direct investment norms in certain sectors are the steps in the right direction.
He also noted that only when there is higher growth, the surplus can be invested in social development programmes which will eliminate poverty.
Speaking at the event, S. Narayan, former Finance Secretary, Government of India, said that India should relook at its policies related to economic development and agriculture, where there have been flaws and missteps.
He also stressed on the need for focusing on energy security in terms of oil and coal, which accounts for significant portion of India’s import.
