INDIA can replicate China's 2000-20 economic growth and expect an appreciation of the rupee, Commerce and Industry Minister Piyush Goyal told a recent gathering of the Associated Chambers of Commerce and Industry of india (ASSOCHAM) reported New Delhi's Times of India.
Mr Goyal also said that India can replicate, if not better, the China story between 2000-2020, the two decades where China relentlessly grew at eight per cent with a stable currency and low inflation. It is that 'sweet spot' in which India is today, he said.
'As we increase things like oilseeds, rubber, pulses we are looking at a rupee appreciation,' Mr Goyal said, in a panel discussion with former chief economic advisor KV Subramanian.
He said the government has focussed on infrastructure and actions on making India corruption-free and encourage employment generation.
'We want to see similar thrust on areas like shipping where India has a long way to catch up,' he said.
At times, Mr Goyal said, there will be certain jolts to the politics of the country but 'we have to be prepared for that'.
'We do have a coalition currently, but at the core of this coalition is a party with 240 seats,' he said.
He said going forward, the focus will be on defence self-sufficiency, replacing oil economy with electric economy and bring quality in manufacturing and consumer choices.
On leader of opposition Rahul Gandhi's comments on the Budget halwa ceremony, Mr Goyal said that Prime Minister Narendra Modi does not get swayed by such frivolous comments.
'It is not as if he will suddenly start scouting and start looking at everybody's caste because just for a photo opportunity we have to appoint them,' the minister said.
'The bureaucrats are not bad. The leadership and direction that you provide that defines the work you get out of them,' he said, adding that the government is constantly working to liberalise and decriminalise laws and reduce the compliance burden.
Mr Goyal added that India will become a US$5 trillion economy in the next 3-3.5 years, making it the world's third largest economy.
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Mr Goyal also said that India can replicate, if not better, the China story between 2000-2020, the two decades where China relentlessly grew at eight per cent with a stable currency and low inflation. It is that 'sweet spot' in which India is today, he said.
'As we increase things like oilseeds, rubber, pulses we are looking at a rupee appreciation,' Mr Goyal said, in a panel discussion with former chief economic advisor KV Subramanian.
He said the government has focussed on infrastructure and actions on making India corruption-free and encourage employment generation.
'We want to see similar thrust on areas like shipping where India has a long way to catch up,' he said.
At times, Mr Goyal said, there will be certain jolts to the politics of the country but 'we have to be prepared for that'.
'We do have a coalition currently, but at the core of this coalition is a party with 240 seats,' he said.
He said going forward, the focus will be on defence self-sufficiency, replacing oil economy with electric economy and bring quality in manufacturing and consumer choices.
On leader of opposition Rahul Gandhi's comments on the Budget halwa ceremony, Mr Goyal said that Prime Minister Narendra Modi does not get swayed by such frivolous comments.
'It is not as if he will suddenly start scouting and start looking at everybody's caste because just for a photo opportunity we have to appoint them,' the minister said.
'The bureaucrats are not bad. The leadership and direction that you provide that defines the work you get out of them,' he said, adding that the government is constantly working to liberalise and decriminalise laws and reduce the compliance burden.
Mr Goyal added that India will become a US$5 trillion economy in the next 3-3.5 years, making it the world's third largest economy.
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