The economic growth is expected to rebound on the back of rapid vaccinations, a recovering monsoon, thrust on infrastructure investments by the government and growth in exports, Niti Aayog vice-chairman Rajiv Kumar said, adding consumption is likely to recover in the third and fourth quarter of the fiscal. Kumar further said that despite downward revision in the GDP growth projections, India is expected to be amongst the fastest-growing major economies in the world.
“A strong rebound is expected on the back of rapid vaccinations, a recovering monsoon boosting agricultural output, thrust on infrastructure investments by the government and growth in exports, which have performed remarkably during April–June with a growth of 18% over the same period in the pre-pandemic year of 2019-20,” Kumar said.
“We also expect consumption to recover in the third and fourth quarters of the fiscal year,” he added.
Kumar said after phased unlocking post the second Covid wave, the economic activity has gained strength. “The government has also stepped in to provide another dose of stimulus of Rs 6.3 lakh crore, focused on healthcare, tourism, agriculture, infrastructure, MSMEs and exports,” he said.