Real sustained GDP growth

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India needs sustained GDP growth of 9-10%: Arun Jaitley

By Times of India

India's economy needs to reach an annual growth rate of 9 per cent to 10 per cent and then sustain that activity "many, many more years than 10 years" in order to improve infrastructure and bring down rampant poverty, finance minister Arun Jaitley said on Monday.
 

 "We need resources and I can't get resources until I grow by 9 to 10 per cent. And therefore I would like to see India grow by that rate for the next 10 years," Jaitley said in response to a question following an impromptu speech at Columbia University's School of International and Public Affairs.
 

 Jaitley, in New York on a private trip just two days after presenting a budget that focussed on boosting growth before taking on structural reforms, said he realizes that in order to achieve this goal, the $2 trillion South Asian economy needs to find investment from outside. 

(NO! .....AND NO!  The Indian PPP GDP is around $5.5 trillion.....for India to grow by 10% for a good while like China, India needs to find the investment within the country itself. Then India needs to invest in INDUSTRY and INFRASTRUCTURE. The same as China. The Chinese PPP GDP is about $18 trillion. Let us say that they invest about $6-8 Trillion of that back into the economy annually. 99% of that new investment come from internal Chinese investment resource mobilizations....which is what INDIA has to do ALSO. Create the mechanism for government and private investment LIKE China for the next 30-40 years. 

Beggars questions why an important minister like Arun Jaitley is doing lecturing at a MERE American university, and far away from his post in Delhi. The USA is not going to overtly help India become a big economic power, and if he really thinks so, he should look at the mediocre trade figures between India and the USA. The USA investment in India is mainly in IT software and call centers....AND that is only because Indians are naturally gifted at IT beyond ALL others. Also to be noted in a conspiratorial way how most American investment is in South India, and not North India.

It is highly improper to merely call for more investment, without creating the legal instruments and investment climate that would naturally encourage foreign investment in India FIRST(Are we seriously saying that the Congress era India has changed in one mere year?)....this is a case of putting the cart before the horse)

 

 "I have no doubt about the fact that the investment available within the country is very modest. Even our banks' ability to finance that is modest, and therefore we need it from wherever it is available," he said.
The new budget is the first full-year budget since Prime Minister Narendra Modi's landslide election victory last May. It promised higher investment in India's decrepit roads and railways, while offering the carrot of tax cuts to global companies but the stick of tighter rules to get business tycoons to invest at home rather than stash wealth abroad.
India's economy is forecast to accelerate to 8-8.5 per cent growth in the fiscal year starting in April, up from 7.5--7.75 per cent this year.
Jaitley used China as the example of what high growth rates can do over a decades-long period. He said that if the country could reach 8 per cent growth and then boost that to the 9-10 per cent range, "we will have substantially created a better infrastructure and brought down poverty rates at a faster pace."