India unlikely to clock average 8% GDP growth rate: Montek Singh Ahluwalia

Former Planning Commission deputy chairman Montek Singh Ahluwalia has stated that India is unlikely to clock average eight per cent GDP growth rate for the next 20 or 30 years. According to him, the notion that in the long-term, growth will take place only because of spillover effects from the United States (US) or Europe does not hold any longer. Spillover effects are from all the other places that are going to grow including Asia, he added. Speaking against the culture of freebies, Ahluwalia stressed on finding ways to curb expenditure to rein in fiscal deficit.