India can see China-like high-growth phase for decade, says CEA Nageswaran

World Materials 10 June 2023 17:30 (UTC +04:00)

BAKU, Azerbaijan, June 10. The Indian economy can now grow rapidly for an extended period of time without heating up and encountering problems like it has done in the past, Chief Economic Adviser V Anantha Nageswaran has said.

"In the last 30 years, whenever the Indian economy grew very strongly for 3-4 years, it used to run into problems: inflation will pick up, imports will go up, the currency will become very expensive, and then we have to take some drastic action," Nageswaran said on June 9.

"But this time, because of the sound economic policies we have followed, because of the infrastructure we have built in the last eight years, and because of digital transformation of the economy, it is possible now for the Indian economy to grow for a longer period – not just three years or five years, but seven or 10 or 15 years like China did between 1979 and 2008," he added.

Nageswaran was speaking at an industry interaction in Lucknow, organised by Confederation of Indian Industry.