India needs to open economy further, privatise banks: Finance Commission chairman Arvind Panagariya

Arvind Panagariya, the 16th Finance Commission chairman, stressed the need for India to privatize banks, open its economy further, and implement factor market reforms to boost growth beyond 6.5-7%. He pointed out that previous government cleanups of non-performing assets led to growth spurts and underscored the importance of private sector involvement and land and labour reforms.