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He mentioned states should be persuaded to take up these reforms as India can not develop quicker if all states aren’t performing effectively.
“Subsequent reforms must be accomplished on the degree of the states and we’ve got to steer half a dozen states to undertake a few of these reforms,” Panagariya mentioned on the Occasions Now Summit themed ‘India Unstoppable’.
India’s financial system grew at 8.4% within the third quarter of 2023-24, exceeding the expectations of analysts and economists.
“Definitely, with just a few extra reforms within the subsequent 5 years, we will realistically push it to shut to 9%, definitely someplace at 8-9%. And that may be sustained simply for a few many years,” Panagariya mentioned.
Dismissing the scepticism concerning the current GDP numbers, he mentioned nobody can query the integrity of the methodology. “In case you are mystified, then first you must verify (whether or not) mist is by yourself glasses,” Panagariya mentioned, taking a dig at former chief financial adviser Arvind Subramanian, who lately remarked that he was “mystified” by the GDP numbers.
