WASHINGTON: India can achieve an eight per cent growth rate for the next two decades by promoting investment and improving the living conditions of its people, a senior UN economic official has said.
Describing India's economic condition as largely positive and "favourable to growth", Sebastian Vergara, an Economic Affairs Officer at the United Nations, said the Country needs to unleash the next set of reforms to achieve its potential.
"It needs to think as to how to maintain and consolidate its growth for a very long period of time. India in our assessment has the potential to grow at eight per cent, not for a few years, but 20 years," Vergara said recently. "For that, India needs to come out with the next series of reforms to promote investment," he said.
The annual 'World Economic Situation Prospects' report, released last week, said the GDP growth for India in 2017 is projected to be 6.7 per cent. Several factors have led to India's "positive" economic conditions, Vergara said.
"One of this is the growth of private consumption and sound macroeconomic policies. The monetary policy, which has been able to control inflation, also has a role to play," he said.