•10% GDP Growth by 2020 is achievable.

 Structural and credible reforms by government to eradicate black money in the system

 Labour, capital and agricultural productivity needs to be enhanced

 Demonetization will result in short term disruption in economic growth
MUMBAI, (GPN): IMC – Chamber of Commerce & Industry today convened a panel
discussion on “Achieving 10% GDP Growth by 2020”. It was generally felt that the country has strong
potential to achieve double digit GDP growth by 2020, even though the current move towards
demonetization may cause some disruption of growth, especially for the rural economy in the short
term.

The panelists included eminent political leaders like Pavan Varma – Former Ambassador & MP (RS),  Dinesh Trivedi – Member of Parliament, TMC, Shri. Siddharth Nath Singh – Spokesperson, BJP & Milind Deora – Former Union Minister of State & MP, INC and the session was moderated by Sanjay Pugalia, senior journalist.

The panelists deliberated on the key factors which would enable achieve 10% GDP growth by 2020 for

the country. In recent years, India has not only emerged as one of world’s fastest growing economies,
but has also successfully weathered global headwinds that slowed major economies. In 2015-16, the
country registered a 7.6 percent growth rate which is expected to grow further over next few years.
To achieve an ambitious 10 percent GDP growth rate, it is imperative that the three major components, i.e., Agriculture, Manufacturing and Services collectively contribute with robust growth rate. The country needs to increase labor, capital and agricultural productivity which have been adversely affected by the black money in the ecosystem. This move towards a cashless economy is expected to reduce cost of money and is seen as a crucial driver for economic growth.

Speaking at the session Deepak Premnarayen, President – IMC Chamber of Commerce & Industry said “The political priority for the government is fourfold – accelerate economic growth; create more jobs; attract investment and contain inflation. Moving towards a 10 percent growth rate will address most of these priorities. I thank the eminent participants who helped bring together divergent views for a constructive debate aimed at the common objective of propelling further economic growth.”