India to achieve 9pc growth rate by 2022

NITI Aayog vice-chairman Rajiv Kumar today exuded confidence that Indian economy will achieve 9 per cent growth rate on sustained basis by 2022 on the back of reforms like GST, demonetisation and the Insolvency and Bankruptcy Code (IBC).

Indian economy grew by 6.6 per cent in 2017-18 and expected to grow at 7.5 per cent this fiscal.

"Given that we have done GST, demonetisation, IBC, recapitalisatioon of bank, we will grow at 9 per cent growth by 2022. We will also able to sustain it at that level," Kumar said in facebook live organised by NITI Aayog.

He pointed out that Indian economy averaged 8.3 per cent from 2003-11.

Replying to a question on popularising electric vehicles, he said that this is best time for India to encourage, promote electric vehicles as petrol price is now touching USD 80 per barrel.

"So we really should not wait even for a day to get this off the ground," the NITI Aayog vice chairman stressed.

Answering questions on farm sector, he said,"We are doing pilot projects which can demonstrate that farmers income can be doubled."