India’s economy will start seeing a growth of 6.5 to 7percent from fiscal 2023 onwards, helped by various reforms undertaken by the government so far and also as Covid vaccination drive progresses, Chief Economic Advisor Krishnamurthy Subramanian said.
Krishnamurthy said the second wave of COVID is unlikely to have a very significant on the economy. The country's economy contracted by 7.3percent in fiscal 2020-21. "Together with the reforms and focus on vaccination, I expect growth to start hitting close 6.5 to 7percent from FY23 onwards and accelerate from there on," He said at a virtual event organised by Dun & Bradstreet.
"Given the significant reforms that have been done over the last one and a half years, I have no hesitation in saying that I look forward to a decade of high growth for India." He said the momentum in recovery that was seen in the fourth quarter of FY21 and overall in the second half of FY21 got impacted to some extent by the second wave of COVID-19. The economic impact of the second wave has been limited because it was much shorter in duration and the restrictions that were placed were primarily at the state level, he said. "We expect the impact of the second wave to be not very large," he said.
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