A higher growth rate of 10 per cent will extricate India from poverty by 2032, Niti Aayog CEO Amitabh Kant has said.
"Our per capita income is $1,652. If we continue to grow at 7 per cent, by 2032, per capita income will be $4,000. If we grow by 10 per cent, per capita income will be $6,800 and India will have no poverty by 2032," Kant said yesterday (26 November) at the annual general meeting of the PHD Chamber of Commerce and Industry in New Delhi.
He said India's contribution of exports to global market is very minimal, at just 1.7 per cent, and to achieve a 9-10 per cent growth rate, India must “use the domestic market as a spring board and penetrate the global market.”
India must be hungry and ambitious to grow at 9-10 per cent, he said.
He also urged the need for factor market reforms, where labour and land laws are key.
“You can't be in a situation where 79 per cent of your job creation is done by the micro-small and medium enterprise sector," he said.
With inputs from IANS.
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