NK Singh: India becoming middle income country within realms of possibility

Fiscal rectitude, unsatiated consumption and demand and increasing urbanisation are among the three driving factors that would set India on the path towards becoming a middle income country in terms of per capita income, N K Singh, economist and co-chair of the G20 expert group on reforming multilateral development banks, said on Saturday.

The chairman of the 15th Finance Commission, however, said that a lot more needs to be done on the reform agenda to achieve this goal.

He said that the big infrastructure investments have yet to be made is another big opportunity for India, especially towards renewable technology.

He also said that much more needs to be done for harnessing orderly urbanisation, which has historically been a catalyst for growth.

Talking about the challenges that India needs to address, he stressed the need for ensuring the sanctity of contracts across governance.

He said that states which consistently adhere to improving the overall environment for private sector investment, and moving away from excessive dependence on public outlays should be recognised and rewarded.