India’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.
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.