Green shoots of revival visible in economy: NITI Aayog vice-chairman Arvind Panagariya

NEW DELHI: NITI Aayog vice-chairman Arvind Panagariya has said that green shoots of revival were clearly visible in the economy and backed the idea of reworking the massive rural job scheme for better asset creation and skills development.

In his first interview after taking over as the first vice chairman of the entity which replaced the 65-year old Planning Commission, Panagariya also said the government has decided to continue with the 12th Five-year Plan for now which is in its third year and it would explore the shift to strategic and grassroots planning during the remaining plan period.

"The economy is without doubt on the path to recovery. Doubts have been expressed recently in the context of the new GDP calculations adopted by the Central Statistical Organization," Panagariya said in an e-mailed interview.

"But even those who remain skeptical of the level of growth rates as measured by the new CSO methodology would agree that the growth rate, however measured, is moving steadily in the upward direction," he said.

He said there was a general consensus among commentators that the Mahatama Gandhi National Rural Employment Guarantee Act scheme in its current form is not delivering the biggest possible bang for the buck.