8% growth rate key to meet 2047 developed India target: NK Singh

India must not only sustain its high growth rate but also need to “bump it up” closer to 8% to achieve its quest to become a developed India by 2047, NK Singh, president, board of trustees, Institute of Economic Growth (IEG) and chairman, 15th Finance Commission, said on Friday, suggesting focus on four crucial factors.

- Rajeev Jayaswal

Delivering his opening remarks at the 4th edition of Kautilya Economic Conclave (KEC) in New Delhi, and addressing Union finance minister Nirmala Sitharaman, he proposed a combination of four factors that are “not easy” but doable. The theme of this year’s conclave is ‘Seeking Prosperity in Turbulent Times’ and the three-day event will conclude on Sunday.

“First and foremost, you know it very well that for long decades, incremental capital output ratio (ICOR), for instance, has hung around 5 or so. This has improved to 4.5 or so, but it has stopped at 4.5 for an enormously long time,” he said, suggesting measures to improve the ratio.