India can grow at close to 9% by undertaking pending reforms: Arvind Panagariya

NEW DELHI: India can lift its economic growth to close to 9%, from the current 7% or so, in the next five years by undertaking pending reforms in agriculture, urbanisation and education, Arvind Panagariya, chairman of the 16th Finance Commission, said on Wednesday.

He said states must be persuaded to take up these reforms as India cannot grow faster if all states are not performing well.

"Next reforms have to be done at the level of the states and we have to persuade half a dozen states to adopt some of these reforms," Panagariya said at the Times Now Summit themed 'India Unstoppable'.


India's economy grew at 8.4% in the third quarter of 2023-24, exceeding the expectations of analysts and economists.

"Certainly, with a few more reforms in the next five years, we can realistically push it to close to 9%, certainly somewhere at 8-9%. And that can be sustained easily for a couple of decades," Panagariya said.

Dismissing the scepticism about the recent GDP numbers, he said no one can question the integrity of the methodology.

"If you are mystified, then first you have to check (whether) mist is on your own glasses," Panagariya said, taking a dig at former chief economic adviser Arvind Subramanian, who recently remarked that he was "mystified" by the GDP numbers.