Reforms in labour, land and higher education are crucial for India to sustain economic growth over the next 15 years and emerge as a global economic superpower, Prof Arvind Panagariya, the Jagdish Bhagwati professor of Indian political economy at Columbia University, said on Friday.
"India has all the prerequisites to grow at 10% per annum in the years to come and can sustain growth to emerge as the third largest economy in the world in 5 years. But while capital markets have been enjoying priority in the reform process, land, labour and educational reforms have been largely ignored," he pointed out while delivering a lecture on 'India in the global context: the next 15 years' at the IBSHyderabad Campus.
According to him, the lack of proper education facilities, especially higher education, was a key constraint in the Indian growth. "Education in India is falling short in quality and quantity. No Indian university figures in the list of top 100 universities," he explained. Prof Panagariya also pointed out that the labour movement from agriculture to manufacturing had not taken place at the required pace.
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