NEW DELHI, April 4:
India would continue to grow at a higher economic growth rate until 2021, Vice President M Venkaiah Naidu said Wednesday while citing the World Bank estimates.
While growth rates of developed economies and the entire world are expected to taper off, World Bank estimates suggest India would continue to grow at a high rate until 2021, Naidu said.
“India … (in) 2019 (will grow at) 7.3 per cent, 7.5 per cent in 2020 and 7.5 per cent in 2021. That says that you (India) would move on. This is what experts have written today on World Bank estimates. So, there are opportunities,” Naidu said while addressing the inaugural session of GRIDTECH 2019.
He pointed out that India has a demographic dividend as 65 per cent of the population is below 35 years of age.
The worldwide average economic growth rate will be 2.9 per cent in 2019 and 2.8 per cent in 2020 as well as 2021, according to the estimate released by the World Bank, Naidu mentioned.
For China, one of the powerful economies, the growth rate would be 6.2 per cent in 2019 as well as in 2020 and 6 per cent in 2021, he said. Naidu highlighted that India is being respected on account of three factors — culture, peace-loving nature and its economy.
“The third important reason for the world taking interest in India is economy. That is an important factor. People want to invest in India. They have seen huge success in PPP model here.”
He was of the view that with increasing demand in the power sector with each passing day, India needs to fully tap the potential for sustainable and environmental-friendly energy.
Saying that promoting electric vehicles is a good idea, he pointed out that challenges are many and unprecedented. “It is prudent that, experts from the industry, academia and policy makers have gathered here to find sustainable solutions to these problems.”