India's Economy can Double in 7-8 years If It Grows at 8% per year, says NITI Ayog VC

Niti Aayog Vice-Chairman Rajiv Kumar said on Saturday that India's economy can be doubled in 7-8 years if it grows at 8%, which is feasible given that the country previously maintained an 8.5 percent growth rate for a long time.

"If things remain normal and we do not witness the fourth wave of the pandemic or any other calamitous outcome in Ukraine, we can achieve 8% growth because we have done so in the past. If we can do it, we will be able to double the economy is about 7-8 years" Kumar made the remarks while speaking at the APB Network's 'Ideas of India' summit in New Delhi.

He stated that the goal of becoming a USD 5-trillion economy is not merely rhetoric and that the country is already a USD 2.7 trillion economy that only needs to be doubled.

Noting that India maintained an 8.5 percent growth rate between 2003 and 2011, he stated, "We must recognize the fact that India is the only country that will have to achieve this growth (8 percent) while fully caring for the environment."

Global Economic Fallout

The global economic fallout from Ukraine's war is expected to harm India's economy, while the conflict's immediate impact on China is likely to be minor, according to the IMF.

"The global economic fallout of the war is expected to negatively impact India's economy through a number of channels that differ from those impacting the Indian economy during Pandemic," Gerry Rice, Director of the Communications Department at the International Monetary Fund, told reporters.

He stated that the sharp rise in global oil prices is a significant trade shock with macroeconomic implications. "However, the impact on the current account may be partially offset by favourable movements in the prices of commodities that India exports, such as wheat," he said.