India can push growth to 9% by implementing few more reforms in next 5 years: Panagariya

Says in next 2-3 decades, we can sustain a very rapid growth, India is currently growing in real rupees at about 7% or so per year

India can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the next five years, Chairman of the 16th Finance Commission Arvind Panagariya said on Wednesday.

Panagariya said Prime Minister Narendra Modi worked hard over the past 10 years to make India a friendly place for businesses, so investment is coming in.

"Today, the economy is open. In the next 2-3 decades, we can sustain a very rapid growth," he said.

India's economy grew at better-than-expected 8.4 per cent in the third quarter of FY24 -- the fastest in the past one-and-a-half years.