Country All Set For Robust Growth On The Back Of Structural Reforms, The Government’s Capex Push; CEA KV Subramanian
- BySheetal Sidhu | September 1, 2021
India’s macroeconomic fundamentals are much stronger, and the country is all set for robust growth on the back of structural reforms, the government’s capex push, and rapid vaccination, Chief Economic Adviser KV Subramanian said on Tuesday. Briefing media on the growth number, he said the GDP data for the first quarter reaffirms the government’s prediction of an imminent V-shaped recovery made last year. India’s economic growth surged to 20.1 percent in the April-June quarter of this fiscal, helped by a low base in the year-ago period, amid a devastating COVID-19 second wave.
The gross domestic product (GDP) had contracted by 24.4 percent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO) on Tuesday.Subramanian said the growth during the current fiscal would be higher than the pre-pandemic level, and the GDP growth should be in line with the projection made in the latest Economic Survey.
The CEA further said India is poised for stronger growth on the back of structural reforms, capex push by the government, clean up in the financial sector, and rapid inoculation that will help revive the contact-intensive service sectors.
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