Need to grow by at least 7-8% annually: Parliament panel head

India needs to grow by at least 7-8% annually in its pursuit to become a developed country by 2047, chairperson of the parliamentary standing committee on finance Bhartruhari Mahtab said on Friday.

- Gireesh Chandra Prasad

He stressed on the need to focus on increasing women's participation in the workforce, particularly in urban areas, and strengthening the education system of the country. Mahtab's remarks followed a briefing by chief economic advisor V. Anantha Nageswaran on the current macroeconomic situation.

Mahtab told reporters that Nageswaran apprised the panel, which is a joint committee composed of 21 Lok Sabha members and 10 Rajya Sabha nominees, on the global economic headwinds and other challenges before India.

Mahtab said, quoting Nageswaran, that India's economy is progressing steadily and that the current growth rate is "nothing less."