India's Chief Economic Advisor confident, India will register 7 percent growth in the next financial year

India’s Chief Economic Advisor confident, India will register 7 percent growth in the next financial year

We estimate that from the financial year 2022-23, we will reach a growth rate of 6.5 to 7 percent. After that, because of reforms, we will achieve a growth rate of 7.5 to 8 percent.

KV subramanian on Economy

Chief Economic Adviser (CEA) KV Subramaniam said that India will register a growth of 6.5 to 7 per cent in the next fiscal year 2022-23. In subsequent years, due to the reforms carried out by the government, the growth rate will reach 8 percent. He said that despite the pressure on revenue collection, the government will meet the fiscal deficit target of 6.8 percent for the current financial year.

He said, “We estimate that from the financial year 2022-23, we will reach a growth rate of 6.5 to 7 percent. After that, because of the reforms, we will achieve a growth rate of 7.5 to 8 percent. has estimated.

IMF had reduced the estimate

Earlier, the IMF on Tuesday reduced India’s economic growth forecast for the current financial year to 9.5 percent. Due to the severe second wave of COVID-19, the growth rate estimate was reduced by the IMF. The IMF in April had projected India’s growth rate to be 12.5 percent in the current financial year. IMF estimates that India’s economy will grow at 8.5 percent in 2022-23. In April, the IMF had forecast a growth rate of 6.9 percent in the next financial year.

Many more agencies have reduced the growth rate estimate

Earlier, many more agencies have reduced the growth rate estimate for the Indian economy. Last month, S&P Global had estimated the growth rate for the current financial year at 9.5 percent and for the financial year 2020-23 at 7.8 percent. Before that, the World Bank said in its report that the growth rate in the current financial year will be 8.3 percent. The Asian Development Bank said that the growth rate in the current financial year will be 10 percent. His earlier estimate was 11 per cent.

Projected to reach $4 trillion by 2025

American rating agency Moody’s has estimated the growth rate for the current financial year at 9.3 percent. For the calendar year 2021, it has reduced the growth rate estimate to 9.6 percent. The size of the country’s economy was $2.87 trillion in the financial year 2019-20, while it declined to $2.66 trillion in the financial year 2020-21. It is projected to reach $ 4 trillion by the financial year 2024-25.

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