Highlighting the importance of free trade, which will help in exploiting the potential of Indian economy, NITI Aayog Vice Chairman, Arvind Panagariya on Wednesday said that Indian economy can grow at 8-10 per cent in the next 10 to 15 years.
Panagariya, who was speaking at the 49th Annual Convocation of Indian Institute of Foreign Trade (IIFT), said that there is no substitute for global competition, as it brings out the best from a country or enterprise and presents both opportunities and challenges for the corporate sector and for budding managers. Openness in economy and trade was important because it enables a country to do what it does well on a large scale, he further added.
Also speaking on the occasion, Commerce Secretary and IIFT Chairman, Rajeev Kher said that the new Foreign Trade policy is a small step in laying the roadmap for India's global engagement. The Govt had laid emphasis on increasing the share of manufacturing and in facilitating the ease of doing business especially reducing the cost of doing international business, Kher added.
IIFT director, Surajit Mitra also addressed the students present at the convocation. He highlighted the fact that the current batch saw the fastest 100 per cent placements and a 30 per cent increase in international placements with the highest foreign salary going up to $1,10,000 and highest domestic package of Rs 24 lakh.