Niti Aayog VC predicts double-digit growth this fiscal

Niti Aayog Vice Chairman Rajiv Kumar made a forecast that India will register double-digit growth in the current financial year 2021-’22. The Vice-Chairman said that economic activities are expected to gain strength in the second half of the current fiscal as the country recovers from the Covid-19 pandemic.

"We are now hopefully getting past our (Covid-19) pandemic... and the economic activities will be strengthened as we get into the second half of this (fiscal) year given what I have seen for example various indicators, including the mobility indicators," said Kumar. The economy contracted by 7.3 percent in the financial year ended March 31, 2021. Among rating agencies, S&P Global Ratings has cut India's growth forecast for the current fiscal to 9.5 percent from 11 percent earlier, while Fitch Ratings has slashed the projection to 10 percent from 12.8 percent estimated earlier.

 The downward revisions were mainly due to slowing recovery post-second Covid wave. Indicating the possibility of a strong rebound, the Reserve Bank has pegged economic growth at 9.5 percent in the current fiscal that ends on March 31, 2022. On whether the government will be able to achieve its ambitious disinvestment target this fiscal, Kumar said that despite the second Covid wave and its significant impact on the health side, markets have remained buoyant and they touched new heights. "I think this sentiment not only will continue but it will strengthen as we go forward... India story remains very strong especially with respect to the FDI which has now created a new record both for 2020-21 and between April to June in 2021-22," he said.

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