Modi inherited 'fragile economy' in 2014, must do more for developed status by 2047: Arvind Panagariya

Arvind Panagariya, 16th Finance Commission chairperson

Arvind Panagariya, 16th Finance Commission chairperson, believes India 'must do more' in its journey towards becoming a developed nation (Viksit Bharat), even though significant progress has been made in the last few years.

The former Niti Aayog vice chairman, in an interview with NDTV, pointed out that Prime Minister Narendra Modi’s government inherited a 'very fragile economy' from the Congress-led Central regime in 2014.

However, the economist said during the interview that India needs growth of at least 7.6 percent per annum to become a developed economy by 2047, a target set by the current government.

He said that people forget that the NDA government inherited a 'very fragile' economy as things had 'gone south in the last 2-3 years' of the UPA government. Panagariya blamed some of the “worst laws” that were enacted before the Manmohan Singh-led government was voted out.

Right to Education Act became a barrier to quality education and the Land Acquisition Act made it 'incredibly hard' for PM Modi in terms of land acquisition as it became very pricey, Panagariya told the news channel.