Indian economy bouncing back after dip, says Amitabh Kant

Says India needed to focus on exports 'in a big way' if it wanted to grow rapidly

NITI Aayog CEO Amitabh Kant on Wednesday said that while there has been a "little bit of dip" in the Indian economy, it is now bouncing back.

"We've been growing at 7.6 per cent... There has been a little bit of dip in the economy but we are bouncing back. This month's figure seems to be good," Kant said at a public dialogue organised by St. Stephen's College Alumni Association.

He was apparently referring to the core sector growth rebounding to a five-month high in August while manufacturing activity expanded for the second month running in September.

During the discussion with Mastercard CEO Ajay Pal Banga at the event, Kant said India needed to focus on exports "in a big way" if it wanted to grow rapidly.

"Globalisation has lifted vast segments of the population above the poverty line. Japan, (South) Korea and China have become prosperous on the back of exports.

"My view is that we must push for exports in a very big way. We must penetrate global markets as it'll help our people and our country to grow and prosper much more rapidly."

Kant also stressed on the need for women to be brought into the growth process in a more inclusive way.

"There is a larger issue of gender parity in India as here women contribute towards only 24 per cent of the GDP. How do we make a conscious policy for greater gender parity and how do we push India's GDP through women? That's a big challenge," Kant said.

Mastercard CEO Banga suggested that while several initiatives had been taken by the central government to push growth, bringing "true labour reforms and true land reforms" would go a long way in transforming India in the coming five to seven years.