Minister of State for Finance Jayant Sinha Wednesday called for structural reforms to achieve sustainable growth of seven-to-eight percent."We need to get the economy up to a long term growth rate of seven-to-eight percent," Sihna said.Current estimates peg Indian economic expansion for the current fiscal between 5.4 and 5.9 percent. International ratings agencies too have zeroed-in on 5-5.5 percent GDP growth this fiscal.The growth assumes significance as it is a major sign of pick-up in economic activity after two consecutive years of sub-five percent expansion.Sihna estimated that a seven-to-eight percent gross domestic product (GDP) growth per annum will propel the $2 trillion Indian economy to assume a size of nearly $4 trillion within the next 10 or 12 years. “If rupee strengthens we may end up getting closer to $5 trillion economy,” he mathematically collated his estimates.
Sinha made the pitch for deep structural reforms while addressing the fifth edition of the Delhi Economics Conclave, organised by the Finance Ministry being held here.The Minister of State, also emphasized the need to contain inflation at four-six percent over this time period to allow the growth to take its effect.Sinha added that the government will pursue policies that will entail stability, promote infrastructure development and ensure social security.