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'India needs export boost to clock 8-10% growth'
14
Jul '16
India should take the lead in pursuing the goal of open markets and develop an export-led strategy for strong economic growth as only domestic consumption cannot sustain an 8-10 per cent economic growth over the medium term, chief economic adviser Arvind Subramanian has said.

Subramanian also said Britain's vote last month to leave the European Union (EU) will only have muted impact on India's economy due to normal monsoons and easy monetary conditions.

"There will be some impact of Brexit on India. But broadly impact will be muted... We can't achieve 8-10 percent growth without outward-oriented growth strategy," Subramanian said at an event organised by 'India Policy Forum 2016' in New Delhi.

"If you (India) have outward--oriented growth strategy, you can sell in domestic markets also," he added.

On the economic growth still above 7 per cent level despite exports falling for the last 17 months, the CEA said India is not an exception and the decline in exports is due to slowdown in global demand.

Subramanian said the government's 'Make in India' initiative and efforts to improve manufacturing sector is essential to achieve higher growth rate.

He was optimistic that India can still achieve 15 per cent export growth and can raise service export from 0.2 per cent to 1.5 per cent.

He also spoke against protectionist measures adopted by developed countries, and said India and other developing countries should keep their economies open. (SH)

Fibre2Fashion News Desk – India

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