You are here: Home » Economy & Policy » News
Business Standard

India to see positive economic growth in 2nd half of 2020-21: Niti Aayog VC

He admitted that the Indian economy would see a contraction in July-September, but opined that the decline must be slow

Topics
Rajiv Kumar | NITI Aayog Vice Chairman | Indian Economy

Press Trust of India  |  New Delhi 

Rajiv Kumar
The structural reforms will help India achieve positive growth in the second of this fiscal and improve further in the next fiscal, he said.

on Tuesday exuded confidence that India's economic growth would be in positive territory in the second half of this fiscal, and will do even better than a large part of the world in 2021-22.

Speaking at CERAWeek India Energy Forum, Kumar expressed concerns about the uncertainly over the pandemic, which has kept the economy sluggish.

"We (our economic growth) would be slightly ahead in 2021-22. We would be better than large part of the world. But this depends on how the (relief from) pandemic pans out. This is pure uncertainty. How it will work?" he argued.

Accepting that there may not be green shoots in the economy at present, he said there are some stems that are very much visible like rising freight, power demand, farm production and other numbers.

He admitted that the would see a contraction in July-September, but opined that the decline must be slow.

There will be positive growth in the second half this fiscal, Kumar said.

"I see much stronger recovery in the 2021-22. I am hoping so on solid grounds. We used 6-7 months (during the pandemic) for deep structural reforms like FDI norms, labour laws and farm sector".

The structural reforms will help India achieve positive growth in the second of this fiscal and improve further in the next fiscal, he said.

"We should not be de-motivated by our negative GDP growth. There are many measures (packages) in the pipeline," he noted.

Kumar also clarified that India's move towards self-reliance does not mean isolation from the global economy.

India wants level playing field for its entrepreneurs so that exports can be increased, he said.

About facilitating global companies to reduce their production concentration in one country and invest in India to set up export-oriented manufacturing facilities, he informed that the government has already introduced production linked incentive scheme for such players.

He cited the example of Apple, which is in the process to set up its manufacturing base in Pune.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, October 27 2020. 23:27 IST
RECOMMENDED FOR YOU
.