India Can Grow At The Rate Of 8 Per Cent For The Next 20 Years: Vaishnav

New Delhi: Railway and Communications Minister Ashwini Vaishnav said on Saturday that the Indian economy can grow at eight per cent per annum for the next 20 years on the back of the government's capital investment strategy. Vaishnav, while addressing an event organized by industry body ASSOCHAM, said that the strategy adopted by the government to increase capital investment will generate 15 million jobs every year in the coming 20 years and help lift 35 crore people out of poverty. Will help. "If we continue the strategy of capital investment for five-six years, we can achieve a sustainable growth of eight per cent for the next 20 years... This is how we can bring about a change in the society." He said that India has been a consumption-led economy in the past but Prime Minister Narendra Modi has chosen the "path of confidence" to increase capital investment despite the hesitation of many economists. He said the US, Germany, Japan, China and South Korea have also achieved high growth by following the same route of capital investment for many years. Vaishnav said India's gross domestic product (GDP) at the end of the financial year 2020-21 was Rs 198 lakh crore, of which Rs 116 lakh crore came from consumption. Of this GDP, only 27 percent was the share of investment. Keeping this in mind, the government decided to increase capital investment. Photo-Social Media