Modi government on right track: Arvind Panagariya & Nouriel Roubini at ET GBS

NEW DELHI: Upbeat about India's economic growth prospects as a time when other global economies have slowed down, NITI Aayog vice chairman Arvind Panagariya said India needs to continue on its reforms path to even scale up growth

"If we stay on the reform path there is scope for India to expand and touch even double-digit growth in next three years," Panagariya said while speaking at the ET Global Business Summit on Saturday.

Professor Nouriel Roubini who was sharing the stage with Panagariya at the ET GBS agreed that the current government is moving in the right direction.

"Key thing for India is to continue what they are doing but the country needs to accelerate their pace of reform," Roubini said.

Recognising the declining merchandise exports from the country as a flip side to India's growth story, Panagariya said it can be largely attributed to appreciation of India's currency vis-a-vis other major economies.

"However, the rising labour costs in China can lead to some labour intensive industries moving out from there," he added.