According to Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), India's recovery from the Covid pandemic was aided by disregarding recommendations from non-resident Indian economists.
Speaking at the D R Gadgil Memorial Lecture, Debroy stated that India did not resort to excessive fiscal spending like some developed nations, which resulted in a more favorable economic position.
He mentioned that many Western economists, including non-resident Indians, offered suggestions on India's economic policies, but the Indian government chose not to pay attention to them.
Debroy emphasized that the prudent decision to avoid opening the fiscal tap played a crucial role in India's current comfortable position, while many developed countries faced difficulties due to fiscal profligacy.
Although Debroy did not mention any specific economists, he projected that India's economy would grow at a rate of 6.5 per cent in the next fiscal years.
He further predicted that by 2047, India would become the world's third-largest economy with a GDP of USD 20 trillion and a per capita income exceeding USD 10,000 annually.
Debroy also highlighted positive developments in India, such as the slowing population growth rate and the decline in the number of individuals under 15 years of age.
He stated that India is no longer a country plagued by shortages, attributing this transformation to a vibrant entrepreneurial culture in the last nine years.
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