Economic growth will be increased by Indo-us trade agreement: Surjeet Bhalla

New -delhi, July 1 (IANS). Dr Surjit Bhalla, senior economist and former executive director of the International Monetary Fund (IMF), said on Tuesday that a possible trade agreement between India and the US could take the country’s economic growth to new heights. In a special conversation with Ians, Dr. Bhalla said: “If this agreement is done, our growth rate can be much faster.” He also acknowledged that the US, especially the deadlines associated with tariffs under President Donald Trump, helps India to implement the long pending economic reforms. He said, ‘I don’t see America or Trump as a danger. Instead, they help us by pushing us to reforms. ‘ Dr. Bhalla’s remarks come at a time in which negotiations between India and the US are under discussion to finalize an interim trade agreement before the July 9 deadline to avoid the proposed US tariff for Indian exports. According to a media report, this agreement can be made this week and can pave the way for a comprehensive free trade agreement (FTA) by the end of the year. Dr. Bhalla also expressed praise for becoming India’s fourth largest economy in the world and the fastest growing in the most important economies. He said that the current country’s growth rate is 6.5 percent impressive, but that India’s real capacity is to grow at 7.5 to 8.5 percent, provided productivity is increased by improving education and health services. He said: “It is a matter of proud that we are the fast -growing great economy, but we have not yet reached our full potential.” He said that the economic success of a country should not only be judged by GDP data, but also relative to its possible ability. In addition, he praised the government’s efforts to strengthen national security through steps such as ‘Operation Sindhu Sudarshan’. He said: “Defense is a major national priority. More expenses to defense also increase safety and economic confidence.” -Ians DSC/ABM shares this story -tags