Indian Economy To Grow 8.4% To 10.1% For The Current Financial Year, NCAER
- ByStartupStory | June 26, 2021
Indian economy to grow 8.4% to 10.1% for the current financial year as per the National Council of Applied Economic Research (NCAER) expects its quarterly review of the economy. “We estimate that gross domestic product (GDP) will grow 11.5 percent in Q1 (first quarter) and 8.4-10.1 percent for the whole year 2021-22.” The economic growth, according to NCAER’s estimates, had contracted by 7.3 per cent during 2020-21.
The report further revealed that the second COVID-19 wave, four times greater in ferocity as compared to the first wave in terms of the number of cases and deaths, has further disrupted the growth process, which had already been severely damaged by the first wave. Further adding, High-frequency indicators show a sharp decline in economic activity during April and May 2021, the peak of the second COVID-19 wave, though there are some indicators of recovery in June as unlocking proceeds.
The NCAER revealed in a statement, “However, these high growth rates are also a reflection of strong base effect since 2021-22:Q1 follows the very steep decline in 2020-21:Q1. At the end of 2021-22 GDP, on constant prices, would still be about the same as Rs 146 trillion (Rs 146 lakh crore) as in 2019-20.”
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