Economic reforms set to pick up, says Roubini Global

The Indian economy would get a push through reforms, though at a sluggish pace, said a report by a research firm founded by renowned economist Nouriel Roubini.

“Despite the headwinds India’s reform process currently faces, we do not think this will be a recurrent theme and reforms will continue to move ahead, albeit at a sluggish pace,” says the Roubini Global Economics report.

The report, co-authored by economists Kunal Kumar Kundu and Dev Ashish, lists the inability to control inflation to a desired level and the industry’s inability to respond to challenges as key concerns for the economy. It also says the slow progress on economic reforms and the lack of fiscal prudence are worries.

The report says the Indian economy would grow to roughly 12 times its current size by 2030, touching $22 trillion in nominal terms. This would, in other words, be about two-thirds of the projected economy of the US at that time. However, the per capita nominal gross domestic product (GDP) would be slightly higher than $14,000, less than a sixth of the projected nominal per capita GDP in the US, the report adds. It said India would grow at an annual average of 8.3 per cent till 2030.