New Delhi: India’s economic growth is expected to remain in the range 7-7.5 per cent in the next few years, the Economic Advisory Council to the Prime Minister (EAC-PM) said Friday.
The growth rate can be easily increased by 1 per cent by addressing structural problems through reforms, the council observed during its meeting Friday.
The Central Statistics Office (CSO) in its latest forecast pegged the growth at 7.2 per cent for 2018-19.
The Council strongly feels that there should be no deviation from the fiscal consolidation target “but there must be continued emphasis on social sector interventions”, an official release said.
The panel noted that the macro-economic fundamentals of the economy are sound but challenges remain, several of which are structural in nature.
“While the prospect for world economic growth does not look very promising, particularly in advanced economies, there is sufficient amount of growth momentum in emerging market economies.