Former Niti Aayog chief Arvind Panagariya backs Modi up on Jio Institute, calls him 'courageous leader'

NEW DELHI: Former NITI Aayog vice chairperson Arvind Panagariya called Prime Minister Narendra Modi a "courageous leader" on the Centre's decision to select Jio Institute for the "Institution of Eminence" status.

He was speaking at the inauguration of the Annual Leadership Summit of the US India Strategic and Partnership Forum (USISPF). The economist lauded the economic reforms of the central government and said it will help[ India develop at a "breakneck" pace in the next 15-20 years.

He called Modi "an economic and social reformer".

The Centre had recently decided to grant the Jio Institute, which is yet to be established, the status of the 'Institution of Eminence'. In this context, referring to the Prime Ministeer, Panagariya said, "He is one of the courageous leaders that I have ever seen."

"In India's environment any Prime Minister would think twice or thrice (before) they are going to announce something that doesn't exist because the press is going to be after it," he said.

"This is what you need. Because in a new university you can write the rules from scratch, from the beginning. In an existing institution, (bringing) change is much harder," the former Niti Aayog chief added. He compared India' s potential economic growth during a period of the next 20 years to China's growth over the last decade.

"That's the kind of breakneck pace (at which India would develop)." India has been growing at a rate of 7.3 per cent, the highest for any major economy of the world. This is the result of investments from investors from across countries, including the US, he said. The country will continue to see investments pouring in.

He added that American countries have shown reluctance in investing in the infrastructure sector so far. The Indian government would need to improve on this aspect in order to draw in more investors. He disputed the claim that there are not adequate jobs in India. He refuted the media reports and said it was a "gross misrepresentation" that jobs were not being created in India.

"The very fundamental point to make is this: when a country grows at 7.3 per cent, it cannot happen without job creation," he said.

"The whole notion that jobs is not being created is quite wrong." In the private sector, the government on Monday had granted

"Institution of Eminence" status to Manipal Academy of Higher Education, BITS Pilani and Jio Institute. The government's selection has drawn criticism from different quarters. However, the HRD Ministry had on Tuesday said that the tag was conditional and it would get a letter of intent for now.