This decade will be India’s decade of inclusive growth during which it will clock over seven per cent annual growth on the back of strong economic fundamentals, Chief Economic Adviser K V Subramanian has said.
He highlighted the country’s reform process and its ability to convert the crisis into an opportunity that helped it to stand out from the rest of the world.
This decade will be India’s decade of inclusive growth. In FY’23, we expect growth to be between 6.5 to 7 per cent and then accelerating further as the impact of these reforms is seen, he said. ‘On average, I expect growth to be greater than 7 per cent in this decade for India,’ Subramanian said. During the current fiscal, he said, growth would be in double-digits and it could moderate to 6.5 – 7 per cent in the next financial year.
The Economic Survey 2020-21, released in January this year, had projected GDP growth of 11 per cent during the current financial year ending March 2022. The survey had said growth will be supported by supply-side push from reforms and easing of regulations, infrastructural investments, boost to manufacturing sector through the Production-Linked Incentive (PLI) schemes, recovery of pent-up demand, increase in discretionary consumption subsequent to the rollout of vaccines and pick up in credit.