India has long been shackled by laws and rules that stifled growth: Kant

Niti Aayog CEO says reliance must also be on domestic markets as only FDI won't guarantee India's growth

Niti Aayog CEO Amitabh Kant today said that for long India had laws and rules that stifled growth and now it is the time to break those shackles and fly.

He also said that FDI alone would not be sufficient to guarantee India's growth and more reliance should be on domestic markets and the current Central government is committed in doing that. 

Kant's comments come at a time when the Narendra Modi lead NDA government is opening up FDI in several key sectors. 

Only last week, it allowed FDI in e-commerce for companies operating in the market place model.   

According to Kant, India should be clear that it needs to have rigorous approach to manufacturing through exports. 

He was speaking at the Annual Session of CII on the topic of 'Global Slowdown Implications for World's Fastest Growing Economies.'

"Make for India is absurd. Challenge for India is to look at right size and scale and think of global markets to drive its growth as was done by China," Kant said. 

Kant also felt that rapid and planned urbanisation will drive growth in the country.