- India is presently the third largest economy in Asia after China and Japan and Indian economy, which is little more than $ 2 trillion, recorded a growth rate of 7.3 per cent in 2014-15.
- The economy to hit $ 3 trillion within five years and is expected to accelerate to 8 per cent in the current financial year said NITI Aayog Vice Chairman Arvind Panagariya.
- “Wages in China have already risen enough that many manufacturers are looking for new destinations with lower wages and India is well placed to be that destination and fragility of the global economy itself is greatly overstated,” Panagariya said.
- He further said the NITI Aayog’s two taskforces are on poverty elimination and modernisation of agriculture and are working in cooperation with parallel taskforces in the states
- Panagariya added government is working towards institutionalising entrepreneurship and innovation systems in the country under the Self Employment Talent Utilisation (SETU) scheme and Atal Innovation Mission (AIM).