India's growth to start hitting 6.5-7 pc from FY23 onwards: CEA
- IBEF
- July 19, 2021
According to Chief Economic Advisor, Mr. Krishnamurthy Subramanian, India’s economy is projected to register an increase of 6.5-7% from FY23 onwards, driven by supportive government reforms and rapid roll out of vaccination drive. He stated that the impact of the second wave of COVID-19 is expected to be not so substantial.
Mr. Subramanian addressed a virtual event arranged by Dun & Bradstreet. He stated that backed by government’s supportive reforms and strong emphasis on the vaccination drive, the economy of the country is expected to grow ~6.5-7% from FY23 onwards.
He said, “Over the last 1.5 years, there has been major reforms and I have no reluctance stating that I look forward to a significant economic growth for India.”
He added, “The second ware of the pandemic has impacted the country in terms of health of citizens, however, the impact on the economy has been partial as the duration of the second wave was much shorter as compared to the first one. Also, restrictions on industrial activities were ordered mostly at the state level. Thus, we expect that the impact of the second wave on the economy would not be at a larger scale.”
Mr. Subramanian stated that the economic growth is expected to be driven by several sector-wise reforms taken by the government including modification in MSME definition, privatisation of public sector banks, export PLI scheme, agriculture, labour, etc.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
