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India GDP 2022: Economy To Grow 9.5 Per Cent In 2021-22, Says Former CEA
India GDP Growth Rate 2021: According to government data, the economy will grow at 9.2 per cent. However, RBI has predicted the GDP growth rate as 9.5 per cent.
New Delhi: India’s GDP growth rate for the year 2021-22 will be 9.5 per cent, according to Arvind Virmani, Former Chief Economic Advisor (CEA) of India. According to Virmani, the exports, as well as government expenditure, have peaked but the private consumption is still weak and has not recovered after the Covid-19 pandemic.
Addressing a virtual event, Virmani said, “The current financial year’s growth will be higher and close to 9.5 per cent. And this decade’s (FY21-FY30) average growth will be 7.5 per cent plus minus 0.5 per cent.”
However, the government has something else to say. According to the government data, India’s GDP growth rate for FY 21-22 will be 9.2 per cent. In 2020-21, the economy saw an overall contraction of 7.3 per cent.
The Reserve Bank of India (RBI) and the International Monetary Fund (IMF) , too, have projected India’s GDP growth rate at 9.5 per cent.
According to Virmani, it is the MSME sector that is crucial for the inclusive growth of the economy. A modern MSME, according to Virmani, should have equal opportunity to compete with the corporate sector.
He also noted that although India’s GDP growth is positive, the employment opportunities are still lagging.
(With inputs from PTI)