India's economic growth is likely to reach pre-COVID19 levels by the end of the 2021-22 fiscal as the GDP contraction in this financial year is expected to be less than 8%, Niti Aayog vice-chairman Rajiv Kumar said on Sunday. The Reserve Bank of India (RBI) has also revised its forecast of economic growth for the current fiscal year (2020-21) to (-)7.5% as against its earlier forecast of (-)9.5%.
"We should reach preCOVID-19 levels at the end of the fiscal year 2021-22 for sure," Kumar told PTI when asked about growth projection for the next financial year. He added that the GDP contraction this fiscal is expected at less than 8%. India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5% and held out hopes for further improvement on better consumer demand.
Replying to a question on asset monetization, he said this is ongoing work and it has received attention at the highest level. "We will continue to pursue this and make sure that the targets of asset monetization are reached," Kumar stressed. The government is looking to raise Rs 2.10 lakh crore through disinvestment in the current fiscal.