Regulatory hurdles need to be removed for 8% GDP growth rate

The Dollar Business Bureau

The government on Thursday admitted that a lot needed to be done to keep India on a targeted growth rate of 8% over the next few years.

"We need to work harder with states to remove all regulatory hurdles still prevailing at the lower level," Commerce Minister Nirmala Sitharaman said at the 32nd edition of the India Economic Summit on Thursday.

Last month, India registered a 16 point jump in the world competitiveness index.

Sitharaman said we need to ensure that whatever foreign investment the country receives should be into rapid output, exports, which will lead to creation of jobs, thereby ensuring a multifarious growth of the country.

NITI Aayog CEO Amitabh Kant, who was also present at the summit, said the country needs to emphasise on the expedition of digital technology to transform its state of economy and people.

"India needs to bring about radical restructuring of its health and education system if it were to grow at a sustainable rate of 8% in three decades," Kant said.

Several economists and industrialists underscored that sincere efforts should be made on skilling and investments for an overall development.
Vedanta Executive Chairman Anil Agarwal said the government needs to create enabling environment to help small and medium enterprises to develop.

"India's missions should be to ensure sustainable and inclusive growth. To achieve this, India will have to ensure to invest in right things including creation of basic infrastructure and skilling a million of its workforce every year," GE vice chairman John Rice said.