Economy to start recovering in Q4, could grow by 6% in next fiscal year: NITI Aayog VC Rajiv Kumar

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Indian economy will start recovering in the fourth quarter and could grow by 6% in the next fiscal year with green shoots already visible in 15-16 sectors where business is back to pre-Covid levels, NITI Aayog vice chairman Rajiv Kumar said.

“Economy will start to recover from the fourth quarter and could grow by 6% next fiscal on a low base,”Kumar said in a Twitter Live session on Friday, hoping that Covid will begin to taper in coming months.

“Green shoots are visible in 15-16 sectors where business is back to pre-Covid levels,” he added.

According to Kumar, Indian economy was bottoming out in the last quarter of 2019-20 after seeing a low of 4.5% but the outbreak of Covid-19 resulted in significant negative impact in the economic growth in the first quarter of this fiscal.

Kumar said there is always a possibility of another stimulus from the government to boost demand “Problem is going to be on the demand side. The government may look at a stimulus again to revive investment spirit and boost demand,” he said.

Outlining the challenges before India in the post Covid period, Kumar said India will have to design and implement necessary structural reforms to ensure the post Covid recovery is as sharp and sustained as possible.

Besides, India will have to collaborate with the rest of the world to redesign some of the global institutions and regulations as some of them have reached the export data, he said without naming the institutions.

According to Kumar, India will have to collaborate on the technological front as post Covid technology turbulence can bring big unforeseen impacts on many countries.

“The foundation for all of this will be built in AatmaNirbhar Bharat which will result in a very different engagement of Indian with the rest of the world,” he concluded.

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Tagged coronavirus, economic recovery, NITI Aayog, pandemic, Rajiv Kumar

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