Finance Minister said: No need to panic if growth does not reach target rate

CHENNAI: Union Finance secretary TV Somanathan on Saturday said there is no need to panic if India does not grow at a specific target growth rate to be classified as a developed country.
Although India has to grow at a compound rate of 7-7.5% in the next 25 years, Mr. Somanathan said some countries have become developed countries whose growth rate does not even touch 6%. .
In his speech at G Ramachandran’s Talent Lecture on “Development in a Changing Times: The Role of Government Effectiveness”, at the Madras School Economics Here, Somanathan said there was an impression that India should grow at 8-10% over the next quarter of a century to become a developed country by 2047.
“While we need to be concerned about India’s growth rate and of course, India needs to grow as fast as possible, and that has to happen, there’s no need to panic if we don’t grow in India. a specific target growth rate or we don’t necessarily have to grow as fast as China or Japan during their peak growth,” he said. Somanathan said don’t assume we’ll never reach our destination in case we miss the bullet train. “We can get there by a slower train. We need to take a pragmatic approach to how India is going to become a developed country.” India should have its own way of growth as the China model cannot be largely modeled for Indian conditions, he stressed the need for greater efficiency and decentralization at all levels. government.
Later, Somanathan said he did not comment in an official capacity, but in a personal capacity.
In response to the question that the India-UK Free Trade Agreement is unlikely to meet the Diwali deadline (October 24), he said that the Center has decided to negotiate the FTAs ​​of interest to India.


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