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Home Economy

Indian Economy is expected to grow beyond 10% in this fiscal: NITI Aayog

by Economy India
November 11, 2021
Reading Time: 2 mins read
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It has been reported that the NITI Aayog vice-chairman Rajiv Kumar said the Indian economy is expected to grow beyond 10% in this fiscal, supported by a record kharif crop, bright rabi prospects and a strong rebound in trade. However, inflation is emerging as a key risk to sustainable global economic recovery with supply chain constraints and rising energy prices, Kumar cautioned.

“We expect India’s real GDP growth in FY22 to exceed 10% supported by a record kharif crop and bright rabi prospects.

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Boost Economic Growth

This will boost rural demand and spur the revival in the manufacturing sector with improving capacity utilisation,” Kumar said in the eighth edition of earth NITI. The government has projected the Indian economy to grow by 9.5% in FY’22.

According to Kumar, a significant increase in exports will also boost economic growth and employment generation while the gradual pickup in contact-intensive services sector is further likely to support the growth momentum.

“The rapid vaccination drive across the country will ensure that the risk of future waves is minimised,” the company said.

Economic Recovery

Kumar further said that the trade growth in India is rebounding strongly, with much stronger imports than exports, reflecting India’s robust economic recovery.

“Higher than expected revenue trends driven by both direct and indirect taxes have provided the much-needed fiscal space for required policy action,”.

Global Economic

Globally too, trade is rebounding faster than global economic growth despite constraints in shipping and logistics, Kumar said. “Inflation is emerging as a key risk to sustainable global economic recovery with supply chain constraints and rising energy prices,” he added.

The International Monetary Fund has projected the global to grow at 5.9% in 2021 with the real GDP of advanced economies projected to expand by 5.2% whereas emerging market and developing economies are expected to grow by 6.4%. (The Economic Times)

Tags: Business Updates on Indian EconomyCurrent Updates of Indian EconomyEconomic Development of IndiaEconomic RecoveryEconomy IndiaEconomy India UpdatesEconomy NewsEconomy News of IndiaEconomy News Portal of IndiaEconomy News UpdatesEconomy Updates from IndiaGDP Growth in FY22India EconomicIndian EconomyIndian Economy OutlookIndian Economy UpdatesLatest Development on Indian EconomyLatest Updates on Indian EconomyNews Around Economy of IndiaNews on Indian EconomyNews on World of Indian EconomyNiti Aayog Vice Chairman Rajiv KumarOverview of Indian EconomyRecent Development in Indian EconomyThe International Monetary Fund
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Economy India is one of the largest media on the Indian economy. It provides updates on economy, business and corporates and allied affairs of the Indian economy. It features news, views, interviews, articles on various subject matters related to the economy and business world.

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