Economic growth likely to touch pre Covid level at the end of FY 2021-22: NitiAayog

Indian economy to contract 7.7 percent in FY 21: RBI Governor Shaktikanta Das

Indian Economy is recovering faster and is expected to reach the pre-Covid levels by the end of the fiscal year of 2021. In a statement to PTI Niti Aaayog Vice Chairman Rajiv Kumar had said “We should reach pre-Covid-19 levels at the end of the fiscal year for 2021-22 for sure”, he has also added, “We will continue to pursue this and make sure that the targets of assets monetization are reached.”

Due to Covid 19 pandemic, the Indian economy has declined by a massive 23.9 percent in the first quarter.

RBI Governor Shaktikanta Das, last week announced that the central bank expects the Indian economy to contract 7.7 percent in FY 21. This was an improvement on its previous assessment of 9.5 percent contraction. The RBI chief has expected that the second half of the fiscal year expected to show positive growth.

Interestingly when the Indian economy at its worst, the foreign investors pumped 39 billion dollars in India, and the Indian stock market hit its record high. The centre also aims to raise around 2.1 lakh crore from 1.2 lakh crore from the sales of state-owned companies and 90,000 crores from stake sale in banks via disinvestment in this fiscal year.

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