New Delhi: Chief Economic Adviser (NSKV Subramaniam on Wednesday said India will achieve a growth rate of over 7 per cent per annum during this decade on the back of a strong economic foundation.
During the current financial year, he said, the growth will be in double digits and it may go down to 6.5 – 7 per cent in the next fiscal.
The Economic Survey 2020-21, released in January this year, had projected a growth of 11 per cent in GDP during the current financial year ending March 2022.
The survey said that growth will be supported by reforms and easing of norms, infrastructure investment, boost to manufacturing sector through production-linked incentive (PLI) schemes, recovery of demand slowdown, increase in discretionary consumption. To take in the rollout and credit of vaccines.
“When you really look at the data, the V shaped recovery and the quarterly growth pattern have really established that the fundamentals of the economy are strong…’ has enabled strong growth not only this year but going forward,” They said.
Addressing a virtual event organized by the US-India Strategic Partnership Forum (USISPF), he said that various structural reforms, including labor and agriculture laws undertaken by the government, will aid growth.
“This decade will be India’s decade of inclusive growth. In FY23, we expect growth to be in the range of 6.5 to 7 per cent, and then further accelerate as we see the impact of these reforms. On an average, I expect the growth to be more than 7 per cent in this decade for India,” he said.
He also pointed out that the government is laying great emphasis on capital expenditure as it has a multiplier effect.
A capital outlay of Rs 5.54 lakh crore has been provided in the Union Budget for 2021-22, which is 34.5 per cent higher than the budget estimate for 2020-21.
The budget estimate for capital expenditure for the financial year 2020-21 was Rs 4.12 lakh crore.
During the current financial year, he said, the growth will be in double digits and it may go down to 6.5 – 7 per cent in the next fiscal.
The Economic Survey 2020-21, released in January this year, had projected a growth of 11 per cent in GDP during the current financial year ending March 2022.
The survey said that growth will be supported by reforms and easing of norms, infrastructure investment, boost to manufacturing sector through production-linked incentive (PLI) schemes, recovery of demand slowdown, increase in discretionary consumption. To take in the rollout and credit of vaccines.
“When you really look at the data, the V shaped recovery and the quarterly growth pattern have really established that the fundamentals of the economy are strong…’ has enabled strong growth not only this year but going forward,” They said.
Addressing a virtual event organized by the US-India Strategic Partnership Forum (USISPF), he said that various structural reforms, including labor and agriculture laws undertaken by the government, will aid growth.
“This decade will be India’s decade of inclusive growth. In FY23, we expect growth to be in the range of 6.5 to 7 per cent, and then further accelerate as we see the impact of these reforms. On an average, I expect the growth to be more than 7 per cent in this decade for India,” he said.
He also pointed out that the government is laying great emphasis on capital expenditure as it has a multiplier effect.
A capital outlay of Rs 5.54 lakh crore has been provided in the Union Budget for 2021-22, which is 34.5 per cent higher than the budget estimate for 2020-21.
The budget estimate for capital expenditure for the financial year 2020-21 was Rs 4.12 lakh crore.
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