Chief economic adviser says economy will grow double digits in 2021-22

Economy sees double-digit growth in 2021-22: Chief Economic Adviser

Chief economic adviser KV Subramanian said the economy will grow in double digits

As economic growth in the September quarter of the current fiscal stood at 8.4%, chief economic adviser KV Subramanian on Tuesday said the country would record double-digit growth in 2021-22. .

The double-digit growth rate will be driven by growing demand and a robust banking sector, he added.

Mr. Subramanian also said that nominally second-generation reforms would help the country grow more than 7% this decade.

The Treasury also said in a series of tweets that the economy is likely to grow by double digits between 2021-22.

Regarding the fiscal deficit, the chief economic adviser thinks the budget estimate is likely to be met.

The government estimates the fiscal deficit at 6.8% of gross domestic product (GDP) for the current financial year ending March 31, 2022.

Meanwhile, the fiscal deficit for April-October 2021 stood at 36% of the 2021-22 budget estimate, according to official data released earlier in the day.

Mr. Subramanian’s comments come at a time when S&P Global Ratings has kept its growth forecast for India unchanged at 9.5% for the current fiscal.

Additionally, while September quarter growth came in at 8.4%, it was much lower than the 20.1% growth seen in the June 2021-22 quarter.


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