Chennai: Union Finance Secretary TV Somanathan There is no need to panic if India does not grow at a specific target rate of growth to be classified as a developed country, he said on Saturday.
Though India should grow at a compound rate of 7-7.5% for the next 25 years, Somanathan said many countries have become developed nations, without their growth rate even touching 6%.
In his address at the G. Ramachandran Endowment Lecture on “Development in Changing Times: The Role of Government Efficiency” at Madras School Economics Here, Somanathan said that there is a perception that India should grow at the rate of 8-10% for the next quarter century to become a developed nation by 2047.
“While we need to be concerned about India’s growth rate and of course, India needs to grow as fast as it should be, if we don’t grow at a particular target rate of growth or we There is no need to panic. They may not necessarily grow rapidly like China or Japan, in their peak period of development,” he said. Won’t travel to the destination. “We can reach there in a slow train. We need to take a realistic view of how India will become a developed country. India should have its own way of development because China model is based on Indian conditions. He stressed on the need for efficiency and greater delegation of powers at all government levels.
Later, Somanathan said he was not commenting in his official, but personal, capacity.
Asked whether the India-UK Free Trade Agreement is unlikely to meet the Diwali (October 24) deadline, he said the Center has decided to hold talks on an FTA which is in India’s interest.
Though India should grow at a compound rate of 7-7.5% for the next 25 years, Somanathan said many countries have become developed nations, without their growth rate even touching 6%.
In his address at the G. Ramachandran Endowment Lecture on “Development in Changing Times: The Role of Government Efficiency” at Madras School Economics Here, Somanathan said that there is a perception that India should grow at the rate of 8-10% for the next quarter century to become a developed nation by 2047.
“While we need to be concerned about India’s growth rate and of course, India needs to grow as fast as it should be, if we don’t grow at a particular target rate of growth or we There is no need to panic. They may not necessarily grow rapidly like China or Japan, in their peak period of development,” he said. Won’t travel to the destination. “We can reach there in a slow train. We need to take a realistic view of how India will become a developed country. India should have its own way of development because China model is based on Indian conditions. He stressed on the need for efficiency and greater delegation of powers at all government levels.
Later, Somanathan said he was not commenting in his official, but personal, capacity.
Asked whether the India-UK Free Trade Agreement is unlikely to meet the Diwali (October 24) deadline, he said the Center has decided to hold talks on an FTA which is in India’s interest.