By FC Bureau:The size of the Indian economy is currently estimated at $2 trillion India can become a $ 10 trillion economy by 2030, navigating the growth trajectory similar to that traversed by China in last 15 years, a top government functionary said on Friday. The size of the Indian economy is currently estimated at $2 trillion. "India started off to rapid growth a little later than China, but now it has the potential to accomplish in the next 15 years what China did in the last 15 years. Today, India's GDP stands at about $ 2 trillion and it has good prospects of rising to $10 trillion in the next 15 years," Niti Aayog vice chairman Arvind Panagariya said while addressing the India China Investment Conclave at Ficci. He added, "What China has accomplished in last 15 years is very impressive. It (China's economy) has gone from $2 trillion 15 years ago to $10 trillion today." He stated that NITI Aayog is preparing a 15-year vision blueprint that will provide a road map for turning India into a big economic powerhouse with inclusive growth. By an estimated, the Indian economy will have to grow 10 per cent annually if it wants to become a $ 10 trillion economy by 2030. On bilateral co-operation, Panagariya said, "With China promoting out-bound investment and India seeking foreign capital and technology, it should enable us to take advantage of the synergies and put in place a vigorous framework to strengthen bilateral investment relationships." He said India can benefit from Chinese experience in the manufacturing sector and transform the country into a modern urban economy. Panagariya termed India and China as "two rare bright spots" in an otherwise sluggish world economy. "Despite a decline in growth rate, China contributes a handsome $500 billion or more to annual growth of the global economy," he said. Panagariya’s Chinese counterpart Xu Shaoshi, chairman of National Development and Reform Commission (China) (NDRC), said: "China and India are two important forces. They are powerhouse of Asia and the world. There is a need for the two countries to go beyond bilateral relationships."Source: mydigitalfc.com
