New Delhi: India’s economy is expected to grow 10.5 percent or more in the current fiscal, Deputy Chairperson of Niti Aayog Rajiv Kumar said on Thursday.
Speaking at the Indian PAFI virtual conference, he also said that the modernization of the retail sector was very much on the card.
“The parent purchase India index (PMI) for manufacturing and service has shown a very intelligent uptick last month.
This (Indian economy) will further strengthen further,” he said.
“I hope the Indian economy grows 10.5 percent or higher at FY22,” he said.
The country’s economy grew with a record of 20.1 percent in the April-June quarter, assisted by a very weak basis last year and a sharp rebound in the manufacturing sectors and services regardless of the destructive second covid wave.
The Reserve Bank of India (RBI) has reduced growth projections for the current financial year to 9.5 percent from 10.5 percent estimated previously while the IMF has projected growth of 9.5 percent next year next year.
Replying to the question, Kumar said the reason for the deterioration in the sale of two-wheeled may be caused by the transition from the internal combustion engine scooter and bicycle to bicycles and electric scooters.
Noting that exports created jobs, he said, “We need to double our global trade share …
and for that we might need a better market access”.