Mr Virmani said the COVID-19 pandemic hit economic recovery and led to tax reforms.
Former Chief Economic Adviser Arvind Virmani said on January 11 that the Indian economy is likely to register a growth of 9.5 per cent in the current financial year.
Addressing a virtual event organized by industry body PHDCCI, Mr. Virmani said that government spending and exports have peaked, but private consumption has not improved yet. COVID-19 global pandemic.
“The growth for the current fiscal will be higher and closer to 9.5 per cent. And the average growth for this decade (FY21-FY30) will be 7.5% plus minus 0.5%,” he said.
According to recent government data, the Indian economy is projected to grow at 9.2% in 2021-22, as against a 7.3% contraction in 2020-21.
reserve Bank of India (RBI) has lowered the growth forecast for the current fiscal to 9.5%, while the International Monetary Fund (IMF) has forecast a growth of 9.5% in 2021 and 8.5% in the next year.
The eminent economist said that India’s GDP growth is now positive, but job growth is lagging.
Emphasizing that Micro, Small and Medium Enterprises (MSMEs) are important for inclusive growth, he said that modern MSMEs should get full opportunity to compete with the corporate sector.
Mr. Virmani noted that COVID-19 The pandemic hit economic recovery and led to tax reforms. GST He said the council is focused on short-term revenue maximization.
“There is a need for revenue negative GST simplification to provide consumption incentives to the economy and quickly restore lost jobs and wages,” he said.
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