“The reform will bring sustainable economic growth”
According to chief economic adviser KV Subramanian, the second generation reforms initiated by the government over the past two and a half years ensure that India is in a phase of strong growth for a decade.
“Wave two looks to be over soon, but I’m cautiously optimistic about the V-shaped recovery over the next few months and into this fiscal year. Launched by the government over the past two and a half years. The reform will bring about a phase of sustainable economic growth and make it one of the fastest growing economies in the world, ”he said.
Second CEA Conference on Indian Economy: Om Prakash Tibrewala Endowment: Recovery and Future Direction: There has been a steady and gradual recovery. Huge public capital spending led to a rapid V-shaped recovery. “
In a question-and-answer session that followed, the government said it was forecasting 11% GDP growth this year. However, after the second wave, the RBI predicted GDP growth of 9.5%.
“The GST is an indicator of a trend”
“We believe the recovery is underway, based on various macroeconomic indicators. India is poised for high positive growth after last year’s decline.
Citing certain parameters for making such a decision, it has consistently exceeded Rs 10,000 despite the economic and commercial turmoil, and the GST collection is a good guide to positive trends. Mentionned.
When asked about the huge goals the government has set for divestment and if it can meet those goals, it has gained momentum over the next three quarters, with LIC and BPCL being the main players. I was convinced it would be one thing.
“Some people think the second pandemic wave has lost about three months, but the sales process is poised to accelerate. The divestment foundation is ahead of the previous year and will move it forward. You don’t have to worry because you are ready, ”he explained.
“Reform processes currently underway, such as the government led by PV Narasin Harao in the 1990s, will have a significant impact on the country’s economy. The economy is recovering and growth will accelerate considerably after 2023. I am prepared to do so. “
CEA said, “The benefits of economic reforms in a large country like India are lagging behind. While the reforms initiated in the 1990s are still being felt, the benefits of more than a decade of second generation reforms are visible. . “