India's high priority for now should be to grow at 7-8%: Former RBI governor

[NiveRoshni]

India's high priority for now should be to grow at 7-8%: Former RBI governor Bimal Jalan



Describing the Budget 2021-22 as "extremely good", former RBI governor Bimal Jalan on Tuesday said that India's high priority for now should be to grow at 7-8 percent, and then give a "great preference" for employment rather than only investment.

In an interview with PTI, Jalan further said it does not seem that India will be able to achieve a $5-trillion economy target by 2024-25.

"This year's Budget is extremely good... I think the rate of growth in India should be 7-8 percent," he said.

The Economic Survey 2020-21 has projected an 11 percent growth for 2021-22, aided by V-shaped recovery and a 7.7 percent contraction for the current year.

"That is the high priority (7-8 percent growth rate). Once you have 7-8 percent growth then there are issues about employment, and we should give a great preference for employment rather than only investment," Jalan said.

The former RBI governor said in the next 18 months, India's economic growth will hopefully bounce back to pre-COVID-19 levels.

Source : https://www.moneycontrol.com/news/business/economy/indias-high-priority-for-now-should-be-to-grow-at-7-8-former-rbi-governor-bimal-jalan-6527901.html/amp