India’s economy is expected to grow 10 percent or more in the current fiscal year, and 8 percent and more in the next fiscal year, Niti Aayog vice president Rajiv Kumar said on Tuesday.
Addressing a book launch event, Kumar further said that seven years of Modi government has laid a solid economic foundation for businesses to thrive in India.
“There has been a hiccup (in economic growth) for two years due to the COVID-19 pandemic. The IMF has forecast 9.5% growth in 2021.” According to the IMF, India will be the first fastest growing large economy for the next five years. These are underestimates, â€Kumar said.
The Reserve Bank of India (RBI) has lowered the growth projection for the current fiscal year to 9.5%, from 10.5% previously estimated, while the IMF has forecast growth of 9.5% in 2021 and 8.5% next year.
“India will experience growth of over 10% in the current fiscal year (2021-22). And in the future, once we come out of the COVID-19 pandemic, we (the Indian economy) will experience growth of over 8% in fiscal year 2022. -23, “Kumar said “Things are changing and people are ready to invest in India,” he said.
Niti Aayog’s vice president said India’s potential growth rate would rise to 8 percent. Last month, the International Monetary Fund (IMF) downgraded India’s potential growth forecast to 6% citing the pandemic.
The country’s economy grew at a record 20.1% in the April-June quarter, helped by a very weak base last year and a strong rebound in manufacturing and services sectors despite the second wave devastating COVID.
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