Urban sector holds key for double-digit growth: Fin Comm chief NK Singh

New Delhi: Finance Commission Chairman NK Singh on Thursday said urban sector will play an important role in achieving double-digit growth for the country.

He also said the Fiscal Responsibility and Budget Management (FRBM) Committee 2017 has suggested to bring down debt GDP ratio of the country to 60 per cent by 2024-25.

The FRBM committee, which was headed by Singh, also recommended that the states should bring down their debt GDP ratio to 20 per cent by the same period.

Highlighting the importance of urban sector in economic growth, Singh said it will play an important role in GDP growth.

"There is no doubt that an important engine of growth for much faster development of this country will have to come from the urban sector," NK Singh said at an event in Delhi.

The urban sector would be the key driver for double-digit growth, he said.

So, policies should be tuned accordingly, he said alluding to some of the important initiatives being pursued.

Singh also said the Finance Commission is looking at the Centrally Sponsored Schemes.

On the data availability, Singh said "the fact that we need reliable statistics is no-brainer. It not only strengthens the capability of the central government but is equally important for states.