India can grow at over 8% for 10 years: CEA Arvind Subramanian

The Indian economy can register a growth rate of more than 8% for the next 10 years, if global economic environment turns supportive, Chief Economic Advisor (CEA) Arvind Subramanian said.

"We are already growing at 7% plus, so I think that 8 to 8% plus growth for the next 10 years is imminently doable, if the international economic environment cooperates," Subramanian said at the launch of a book 'India's Long Road: The Search for Prosperity' by Vijay Joshi, Emeritus Fellow of Merton College, Oxford University.

The CEA further said, "Even when we were growing at 9%, our exports were growing at around 24%." Subramanian, who served as the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics, said that it is difficult for India to implement 'big bang' economic reform when the country is not facing any serious economic crisis and when power is totally dispersed.

He noted that India has grown at an average of 6.5% in the last 35 years.

Noting that more and more good governance works are getting rewarded in assembly elections in India, Subramanian said our higher level of political institutions should sustain higher level of growth.

The Indian economy grew 7.6% last fiscal.