Impact Of Second Wave On Economy To Not Be Very Large, GDP Growth Likely To Be Around 11 Per Cent: CEA K V Subramanian

Impact Of Second Wave On Economy To Not Be Very Large, GDP Growth Likely To Be Around 11 Per Cent: CEA K V SubramanianIndia’s new Chief Economic Adviser Krishnamurthy Subramanian (@BrookingsIndia/Twitter)

Chief Economic Advisor (CEA) KV Subramanian on Monday (19 May) exuded hope that India's economic growth during the ongoing financial year will be around 11 per cent as it had been projected in the latest Economic Survey, reports Financial Express.

Asserting that the overall impact of the second wave of COVID-19 was not going to be very large, Subramanian said, "We will grow at a high growth rate this year. This year growth will be from the lower base but we anticipate 6.5-7 per cent growth next year FY23 and from thereon, growth accelerating even further".

Subramanian made the remarks while addressing an event organised by the Indian Construction Equipment Manufacturers’ Association. He also underscored that the economic growth will be aided by various structural reforms undertaken by the government, which include the farm and labour law reforms.

Subramanian also said that the future growth would take place without runaway inflation as India has removed various supply-side friction points through structural reforms during the pandemic.