India’s Growth Rebound In Q1, Will Be Foundation Of Sustained Expansion In Successive Quarters; Niti Aayog VC
- BySheetal Sidhu | September 1, 2021
India’s growth rebound in the first quarter of this fiscal will be the foundation of sustained expansion in successive quarters, Niti Aayog Vice Chairman Rajiv Kumar said on Tuesday, adding that the country’s GDP growth estimates may get revised upwards in the coming weeks.
“Economic growth in the April-June quarter of 2021-22 (Q1) has come in at 20.1 percent, which is at the upper end of all estimates, making the apparent consensus redundant. This rebound in Q1 will be the foundation of sustained growth in successive quarters,” Kumar tweeted. “With the Chief Scientist of the @WHO, Ms. Swaminathan, postulating a weakness in COVID-19 going forward, we could see GDP growth estimates being revised upwards in the coming weeks. The government’s focus on ramping up capital expenditure has set desired results,” he added.
The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO) on Tuesday. The Reserve Bank of India (RBI) has lowered the country’s growth projection for the current financial year to 9.5 percent from 10.5 percent estimated earlier, while the World Bank has estimated India’s GDP growth at 8.3 percent in 2021.
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