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Business EconomyPosted at: Aug 18 2016 1:59PM


India can grow at 7 to 7.5 pc on a long term basis:Bhandare

Mysuru, Aug 18 (UNI) India has all the potential to grow at the rate
of 7 to 7.5 per cent on a long term perspective with the wherewithal
for such a growth established, S S Bhandare, Advisor, Economic and
Government Policy of Tata Strategic Management Group said today.
India stands out a haven of stability and an outpost of
opportunity he said quoting the latest Economic survey adding that
the macro-economy is stable, founded on government’s fiscal
consolidation and low inflation. The country's economic
growth is amongst the highest in the world he said adding that it
was helped by a re-orientatation of government spending toward public
infrastructure.
He was speaking during session on ’25 Years of Liberalisation and
Shaping the Future’ organised by CII, ICSI & Forum of Free
Enterprise here.
He said India has now established all the wherewithal of
potentially achievable annual economic growth rate of 7 to 7.5
per cent in a longer-term perspective. There is an inspiring backdrop of relative
high economic performance of the past 25 years; a policy framework
that is well-entrenched and evolving; and centrality of eight
transformational determinants of India’s emerging economic
resurgence.
The broad philosophy and fundamental spirit of liberalisation
have clearly been accepted through the length and breadth of the
country and over generations in time. The paradigm of an open
economy, role of competition in promoting economic welfare, growing
role of the private sector as leading agent of economic change and
necessity of withdrawal of the State from a host of activities, are
no longer debated as fiercely as they were, when the reforms had
just begun.
Speaking during a session Dr Amitha Sehgal, Prof. Banking &
Faculty Member, Management Institute said because of responsible
innovation from RBI, India escaped from the clutches of recession in
2008, unlike the UK, the US, China and Japan suffered severe
recession. She said that GST will enable uniformity in tax across
India.
She also mentioned India’s first small finance bank called the
Capital Small Finance Bank has started its operations by launching
10 branch offices in Punjab, and aims to increase the number of
branches to 29 in the current FY 2016-17.
UNI BSP CNR CS 1355
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