Covid-19 has given a big blow to the economy of the country, but now the economy is slowly returning on track. Things have been changing since the lockdown was lifted in the country. Chief Economic Adviser (CEA) Krishnamurthy Subramanian said that the economy is expected to grow at 6.5% to 7% in the financial year 2023.
During the virtual event, CEA Krishnamurthy Subramanian said that the country's economy will improve with the continuous improvement and vaccination of Covid-19. The economy will see a growth of 6.5% to 7% in FY2023. The impact of the second wave of Corona will not be much. Looking at the necessary reforms made in the last one and a half years, I can say that India's economy will grow at a decade high.
Subramaniam said that the government has made changes in agriculture, labour, PLI scheme, MSME. Along with this, reforms have also been made in areas like the creation of bad banks, privatization of public sector banks. The reforms made by the government will drive the development forward.
According to RBI Governor Shaktikanta Das, the GDP growth rate between April-June in this financial year is 9.5%. At the same time, the GDP growth rate for the financial year 2021-22 is expected to be 10.5%.
According to rating agency ICRA, the growth rate for the first quarter can be 10%. The growth rate is expected to increase in double digits in the April-June quarter. GDP growth declined by 23.7% in the April-June quarter of the financial year 2019-20 due to the lockdown. This resulted in a decline of 7.3% for the entire fiscal.
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