GDP to grow 8% in FY16; hit $3 trn mark in 5 years: Panagariya

NITI Aayog Vice Chairman Arvind Panagariya said India’s growth rate is expected to accelerate to 8 per cent in the current financial year and the economy will surpass USD 3 trillion mark in less than five years. Indian economy, which is little more than USD 2 trillion, recorded a growth rate of 7.3 per cent in 2014-15. India is presently the third largest economy in Asia after China and Japan.

On the back of ongoing reforms and stress on manufacturing sector as part of the ‘Make in India’ drive, the NITI Aayog chief said that India can look for much bigger share in global exports, the global economic woes notwithstanding.

He said we are working towards institutionalising entrepreneurship and innovation systems in the country under the Self Employment Talent Utilization (SETU) scheme and Atal Innovation Mission (AIM). He also said work is under way on a survey of enterprises to assess states on the ease of doing business.

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