Govt set to spend more along with pro-growth reforms: Panagariya

India's economy is on an "upswing" and the government's plans for increased spending comes in the backdrop of progrowth reforms, former Niti Aayog Vice Chairman Arvind Panagariya said even as he opined that it might take longer to become a USD 5 trillion economy due to the coronavirus pandemic-induced disruptions. The eminent economist described the government's decision to privatise two public sector banks next fiscal as an "unprecedented" effort to "finally right a wrong done 50 years ago".