New Delhi : Niti Aayog CEO Amitabh Kant on Saturday that India must aim at a higher growth rate of 9-10 per cent to eradicate poverty by 2032.
“Our per capita income is $1,652. If we continue to grow at 7 per cent, by 2032. per capita income will be $4,000. If we grow by 10 per cent, per capita income will be $6,800 and India will have no poverty by 2032,” Kant said at the annual general meeting of the PHD Chamber of Commerce and Industry here.
“Unless we don’t penetrate the global markets it will be very difficult for India to grow at 9-10 per cent. Indians must use the domestic market as a spring board and penetrate the global market.
India’s contribution of exports to global market is very minimal, it is just 1.7 per cent,” he added.
While India is growing at 7.5-7.6 per cent, it must be hungry and ambitious to grow at 9-10 per cent, he said.
“We also need factor market reforms. Unless labour laws, land laws are reformed, it will be difficult for India to grow at a high rate. You can’t be in a situation where 79 per cent of your job creation is done by the micro-small and medium enterprise sector,” he said.
Kant said that gender equality will play a very critical role. In India, women contribute only 17 per cent to the GDP while the world average is about 40 per cent.