Dr. Arvind Panagariya, professor of economics and the Jagdish Bhagwati Professor of Indian political economy at Columbia University, delivered “The Outlook for the Indian Economy,” as part of The Center for Emerging Markets second annual India Lecture Series.
Panagariya is an economics professor and former chief economist of the Asian Development Bank. From January 2015 to August 2017, he served as the first Vice Chairman of the NITI Aayog, Government of India in the rank of a Cabinet Minister.
India is “young, aspirational, and demanding,” according to Panagariya.
India now has the seventh largest economy based on the exchange rate and is set to grow to the third within Paragariya’s lifetime.
Ravi Ramamurti, Distinguished Northeastern University professor and director of the Center for Emerging Markets outlined three major hurdles for the developing Indian economy — a trend toward protectionism, the changing nature of technology, and the rise of China as a global player.
Panagariya cited India’s slow per capita income rise from 1947- 1990, and its turn toward steady growth from the mid 1990s – 2013, tripling its income. Between 1993 and 2011, the poverty rate of the country was also reduced by half.
“If we look back to where we were 30 years ago to where we are today, there’s no reason to be pessimistic about the future,” Panagariya said.