India can take over the baton of higher growth from China: NITI Aayog VC

Published On: 05, Dec 2017 | Source: business-standard.com

India can take over India, the baton of higher from for the next three decades if ties between the two Asian giants remain buoyant and the Indian economic trajectory follows the Chinese one, Vice Chairman has said.

For the first time since the global economic crisis in 2008, "there are signs of synchronised economic recovery in major economies" like the US, and Japan, he said at the third annual dialogue between the top planning bodies of the two countries.


This is good for the recovery of the global economy, he said, adding, in this scenario, India and should place themselves to take advantage of the synchronised global recovery.

"It is imperative that the two countries work together and help each other to grow further," he said while addressing the dialogue between the and Research Centre (DRC) of here.

"I think now perhaps hope all of agree that given the circumstances globally and in Asia, maybe India can take over the baton of higher from for the next 30 years," he said.

He said Prime Minister was "very emphatic" about India's rates moving to double digits as higher alone can remove in India as in

He said China's achievement of lifting over 600 million people out of is "remarkable in human history".

Kumar's emphasis on India taking over the baton of higher from whose economy is on a slowdown after posting rates for over three decades comes in the backdrop of the global economy staging a recovery.

"Now India must follow suit. For that we need to focus on and achieve higher rate of of employment," he said.

The increase of over 14 per cent in wages per year for the past few years in is a sign that India can benefit by Chinese investments moving to India which will generate employment, he said.

He also highlighted Modi's plan to achieve by 2022.

"India should be achieving So that we can achieve six freedoms - freedom from poverty, squalor, corruption, terrorism, and communalism," he said.

The Indian government is trying to make the public sector more accountable, trying to ensure that states compete with each other, he said.

"We want to replace competitive populism with competitive good governance so that we can derive the dividend for which we have had to pay a cost so far. If we succeed, we will ensure that India will achieve rates in a sustainable and inclusive manner," he said.

"We in India are on the cusp of many new changes. We have to adopt completely different Maybe we may not generate as many jobs as did but India wants to work with to fill the spaces it is vacating in industry," he said.

As moves ahead in technology and knowledge, it is opening up space for others in fields like light engineering and light manufacturing, he said.

"While you are vacating those spaces, India would do well to invite Chinese so that those spaces we can fill and generate employment, while at the same time taking all the innovative steps in India to ensure that it is not left behind in the fourth industrial revolution which is currently underway," Kumar said.