New York: Noted economist Arvind Panagariya has said that India is set to return to the path of high growth, expressing confidence that the country will become the world’s third largest economy by 2027-28. Former Vice-Chairman of NITI Aayog and Professor at Columbia University, Panagariya told ‘PTI-Bhasha’ here that at present India is the fifth largest economy in the world. He said, “It is just a matter of five more years, 2023 is still going on. India will be the third largest economy by 2027-28.

Finance Minister Nirmala Sitharaman presented the general budget in Parliament on Wednesday, which said that India’s gross domestic product (GDP) growth in 2023-24 will be 6.5 percent. Panagariya said that what has come out of the Economic Survey shows a much stronger economy which will be stronger than the economy which is growing at 6.5 per cent today.

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He said, “Looking at the situation in which India is today, it can be said that it will reach a growth rate of more than seven per cent.” The economist also said that where India stands today is similar to 2003 when the growth rate touched near eight per cent and then the country continued to grow at the same rate for many years.

Panagariya said that the basis of his forecast for higher growth is the reforms that were done during the Kovid epidemic as well as the weaknesses of the economy were removed. He said that the balance sheets of the banks and the corporate world are now very strong. He said that India will definitely be the fastest growing major economy for many years to come. He predicted that India would definitely achieve a growth rate of around seven per cent in these years and if steps are taken to further open up the economy, a growth rate of eight per cent would be easily achieved. (agency)