Indian economy to grow by 10% in FY22, will reach pre-COVID level by 2021-end, says NITI Aayog VC
BusinessToday.In December 31, 2020
Niti Aayog Vice-Chairman Rajiv Kumar has said that the Indian economy will grow at the rate of 10 per cent in 2021-22 in "real terms." He noted that owing to the coronavirus lockdown and other curbs amid the COVID-19 pandemic, the country will reach "pre-COVID level" by the end of 2021 as the growth will happen in positive numbers, particularly in Q4 of 2020-21.
"Our economy will grow at 10% in 2021-22 in real terms. By the end of next year, we will reach pre-COVID level. Growth will be in positive figures in the fourth quarter of 2020-21," Kumar told ANI.
The COVID-19 pandemic has severely impacted the economy, leading to job losses and businesses being shut. Nevertheless, as the government relaxed lockdown curbs, the economy began manifesting revival signs.
The remarks by Kumar followed Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs, who said that the economy has already started showing green shoots of recovery, coming back on track since Q3 (July-September) of this fiscal.
In the wake of COVID-19 crisis, the Centre had announced a slew of measures to lift the economy and boost businesses.
The Reserve Bank of India recently said that the economy is reflating at a pace which is higher than most forecasts.
The United Nations also stated in a recent report that the Indian economy could prove to be the "most resilient" in the subregion of South and South-West Asia over the long-term.
The organisation, in its report titled, 'Foreign Direct Investment Trends and Outlook in Asia and The Pacific 2020/2021' noted that a positive but lower economic growth will occur post the coronavirus pandemic and India's largest market will continue to attract robust investments.