"I expect India's economy to grow anywhere between 8-10 percent in the next 15 years," Panagariya predicted while delivering a lecture at an energy conference here.

He further said, "If the economy actually grows at 8-10 percent in rupees, in dollar terms it would be about 11-12 percent and that kind of growth will turn India into about an USD 8 trillion economy from the current USD 2 trillion."

The Finance Ministry had also projected in the Economic Survey the growth at 8-8.5 percent in the current financial year (2015-16) and double-digit in the coming years.

The NITI Aayog chief added that the country's economy grew by 8 percent under the earlier NDA government regime and that was sustained for a long period of time.

As per the advance estimates of Central Statistics Office (CSO), India's economic growth is pegged at 7.4 percent in 2014-15 while the Reserve Bank of India's recent projection say that GDP growth will accelerate to 7.8 percent in the current fiscal.

Referring to the challenges on the energy front, Panagariya cited, the demand for power, coal, oil will expand rapidly with the country becoming richer.

"Energy demands for India are going to rise as it becomes richer. I expect India's energy demands to grow leaps and bounds as the time goes by," he added.

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