Tirupati, April 17 -- Chairman of the 16th Finance Commission of India and the first Vice Chairman of NITI Aayog, Prof Arvind Panagariya, has said that in order to transition from a middle-income economy to a high-income economy, India's gross national income (GNI) per capita would have to increase by nearly eight times from the current USD 2,540 in 2023 (currently India is in the lower-middle-income category).
Also, a sustained average annual growth rate of 7.8 percent over the next 24 years would be required to achieve this goal.
IIT Tirupati here on Thursday hosted a lecture by Prof Panagariya, Chairman of the 16th Finance Commission, on the theme "India in the Global Economy: The Next Decade."
Delivering keynote address, Prof Panaga...