HYDERABAD: The possibility of achieving double-digit growth rate is within India’s grasp, as the government has a relatively strong political mandate for change, said Arvind Subramanian, Chief Economic Advisor for the Finance Ministry, at a seminar on ‘Economic Survey Outreach 2014-15’ organised at the University of Hyderabad, here on Tuesday.
Favourable external factors, such as decreasing oil prices, is another factor that favours the growth rate, he said. He added that double-digit growth will also support those who are not affluent. However, he pointed out, “Along with being young, aspirational and more middle-class inclined, India is also stubbornly male-dominated. The sex ratio is poor and the female foeticide is horrendous.” Arvind estimated that India’s economic growth for the financial year 2015-16 will be around 8 to 8.5 per cent, but also advised people to be cautious.
He ruled out the possibility of big bang reforms in India, as the country is neither facing any crisis, nor does it practise centralised autocracy, where things get done easily.
Furthermore, he spoke about the need for public investment, the state of rural wage growth, the challenges India is facing currently on its path of economic development and the role of Jan Dhan Yojana, Aadhaar, and mobiles, that aim to improve the lives of the poor.