Bharat has potential to grow at 8 per
cent as the nation is labour-rich with enough institutional maturity of a
functioning democracy, noted NITI Aayog vice chairman Suman Bery on Thursday.
“So 8 per cent growth or something
approximating means continuous change that needs to be politically managed,” he
said while addressing the Global Economic Policy Forum 2023, held jointly by
the Confederation of Indian Industry and the Finance Ministry.
According to Bery, the modernisation
journey of Bharat is unusual and unique.
“And if I wanted to bet on Bharat for
the next 25 years, I would point to first, the fact that we are not labour
constrained in a world which is increasingly labour constrained, but much more
importantly, that we have the institutional maturity of a functioning democracy
with established rules of the game for the transfer of power we have just seen
magnificently in the State elections,” he added.
Bery noted that economic growth in a
country like Bharat is a prerequisite for equity.
“So growth is not an end in itself, but
it is a means to end disparity and to raise living standards and to secure Bharat’s strategic
and institutional economy,” he said.
Bery pointed out that Bharat is a
fastest growing major economy but still the lowest per capita income country in
the G20.
PTI
