India On Major Economic Recovery Path, Stagflation Talks "Overhyped": Niti Aayog Vice Chairman
NDTV
India is on the cusp of a major economic recovery and talks of possible stagflation are "overhyped", Niti Aayog Vice Chairman Rajiv Kumar has said
India is on the cusp of a major economic recovery and talks of possible stagflation are "overhyped" as a strong economic foundation is being laid with the reforms carried out by the government over the last seven years, Niti Aayog Vice Chairman Rajiv Kumar said on Sunday.
Notwithstanding economic uncertainties triggered by the Russia-Ukraine war that is also impacting global supply chains, Mr Kumar asserted that it was quite clear from all accounts that India will remain the fastest growing economy in the world.
"Given all the reforms that we have done in the last seven years, and given that we are seeing the end of the COVID-19 pandemic hopefully, and the 7.8 per cent rate of growth that we will get this year (2022-23), a very strong foundation is now being laid for further rapid increase in economic growth in the coming years," Mr Kumar said in an interview.
Asia's third-largest economy is projected to grow 8.9 per cent in 2021-22, according to recent government data. The Reserve Bank of India (RBI) has pegged the economic growth rate for 2022-23 at 7.8 per cent.
