Urbanization to Drive Economic Growth Story of India: Amitabh Kant

Urbanization will be a big driver of economic growth in India going forward, supported by favorable macroeconomic factors, accelerated infrastructure building, and continuing reforms, NITI Aayog CEO Amitabh Kant said on Wednesday.

Speaking here at an event on the sidelines of the World Economic Forum Annual Meeting, he also said the Indian economy may even exceed the IMF growth forecast of 7.5 percent for the country.

Kant said IMF has forecast 7.5 percent growth for India despite a gloomy outlook for the global economy and this itself is good, though there are expectations that this estimate would be surpassed.

He said India is giving a big push to urbanization with more than 100 smart cities being developed.

The country is also using technology in a big way to change the way business and governance is done, he added.

Besides a massive infrastructure building is happening, bank credit flow has rebounded and macroeconomic factors like inflation and fiscal deficit are also being supportive, Kant said.