Apart from the World Bank, International Monetary Fund and various national and international agencies, the government is now beginning to believe that due to Kovid-19, the growth rate of the current financial year 2020-21 may decline. Chief Economic Advisor K.K. Subramanian gave clear indications of this on Thursday. He said that economic growth will depend on recovery and recovery can happen in the second half of the current financial year or even next year. He said that production is expected to fall this year.
He also hoped for the development of V-shape after the Spanish flu recovery. Subramanian said that in April this year, the growth rate for the current financial year was being estimated at 1.5-2 percent. But now there are many uncertainties. Keeping in mind the announcements made about the relief package and self-reliant India, the Finance Ministry is conducting an internal assessment on economic development.
For your information, let us tell you that in the case of rating agency Moody's reducing the rating of India, the Chief Economic Advisor said that all rating agencies have retained India's investment grade. He said that there can be no question on India's liability, because India has both the ability and willingness to repay debt. The Chief Economic Advisor said that the rating agency S&P and Fitch had forecast growth of 8.5 per cent and 9.5 per cent respectively for the next year, which is good news for India. At the same time, the Chief Economic Advisor, who is hopeful of recovery of V Shape after Corona, said that one third of the world's population was infected during that time while only one percent of the population is infected. The infection mortality rate during the Spanish flu was 10 percent while it is now 3.4 percent. In such a situation, there is scope for V shape recovery after the corona is over.
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