Indian economy needs to be opened up for 10% growth: Panagariya

Former NITI Aayog Vice Chairman Arvind Panagariya has said that India's slowdown has bottomed out and in order to achieve 10% growth rate, "we need an economy which is open" and competes in the global marketplace. Panagariya added that India needs to encourage medium and large firms in labour intensive sectors, which define the ecosystem in the domestic market.