India needs reforms on multiple fronts, including economic and administrative, to become a USD 6-7 trillion economy by 2030, eminent economist Ajay Chhibber said.
Chhibber, a former World Bank economist, further said India is under-spending on education and health sectors, which need increased expenditure.
“To achieve the target of USD 6-7 trillion economy by 2030, India needs to address challenges of competitiveness to compete in the global market on many fronts with the economic and administrative reforms along with transformation in health, education, labour, finance, police and judicial reforms,” he added.
India is under-performing hugely in tourism and mobility sectors but these industries have the potential to create immense employment opportunities, he noted.
Chhibber said given the current macro-economic situation and high interest rates, there is a need to reduce repo rate by 100 basis points by the RBI.
In 2017, India became the sixth largest economy with a Gross Domestic Product (GDP) of USD 2.59 trillion, relegating France to the seventh position, according to the World Bank data.
Chhibber is currently a visiting scholar at Institute of International Economic Policy, George Washington University, USA.