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New Delhi, Jan 11 (PTI): The Indian economy is likely to register a growth of 9.5 per cent in this financial year, former chief economic adviser Arvind Virmani said on Tuesday.<\/p>\n
Addressing a virtual event organised by industry body PHDCCI, Virmani said that government expenditure and exports have peaked, but so far private consumption has not recovered due to the COVID-19 pandemic.<\/p>\n
\u201cThe current financial year\u2019s growth will be higher and close to 9.5 per cent. And this decade\u2019s (FY21-FY30) average growth will be 7.5 per cent plus minus 0.5 per cent,\u201d he said.<\/p>\n
According to the recent government data, the Indian economy is estimated to grow at 9.2 pc in 2021-22, as against 7.3 pc contraction in 2020-21.<\/p>\n
The Reserve Bank of India (RBI) has lowered the growth projection for the current financial year to 9.5 per cent, while the International Monetary Fund (IMF) has projected a growth of 9.5 per cent in 2021, and 8.5 per cent in the next year.<\/p>\n
The eminent economist said that India\u2019s GDP growth is now positive, but job growth is lagging.<\/p>\n
Stressing that Micro Small and Medium Enterprises (MSMEs) are critical for inclusive growth, he said that modern MSMEs should have full opportunity to compete with the corporate sector.<\/p>\n
Virmani noted that COVID-19 pandemic hit economic recovery and pushed for tax reforms. GST council seems focused on short-term revenue maximization, he said.<\/p>\n
\u201cRevenue negative GST simplification needed to provide a consumption stimulus to the economy, and quickly restore lost jobs and wages,\u201d he said.<\/p>\n
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New Delhi, Jan 11 (PTI): The Indian economy is likely to register a growth of 9.5 per cent in this financial year, former chief economic adviser Arvind Virmani said on Tuesday. Addressing a virtual event organised by industry body PHDCCI, Virmani said that government expenditure and exports have peaked, but so far private consumption has […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-181538","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-national"},"_links":{"self":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/181538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/comments?post=181538"}],"version-history":[{"count":0,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/181538\/revisions"}],"wp:attachment":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/media?parent=181538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/categories?post=181538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/tags?post=181538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}