India on cusp of major economic recovery; talks of stagflation 'overhyped': Niti Aayog VC : Rashtra News #India #cusp #major #economic #recovery #talks #stagflation #overhyped #Niti #Aayog 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
Panagariya said he asked the software - ChatGPT- to write an ode to India’s economic reforms. "I was blown away by how it described the policy change followed by its impact," he wrote on Twitter, sharing the composition.
Kumar s statements came a day after the Reserve Bank of India (RBI) lowered the country s growth forecast for the current fiscal by a percentage point to 9.5 per cent from 10.5%
Highlights
Kumar further added that the RBI had slashed India s GDP growth forecast for FY22 from 10.5% to 9.5% due to the impact of the second wave of the coronavirus pandemic.
He noted that the impact of the COVID-19 second wave will be felt in the first quarter of FY22.
After the release of GDP data, NITI Aayog Vice-Chairman (VC) Rajiv Kumar said on June 5 said that the economic recovery will start from June and would gather steam from July onwards. This comes as the country suffers from financial losses due to the COVID-19 pandemic.
Kumar s predictions came after the country’s apex bank RBI lowered the country s growth forecast for the current fiscal by a percentage point to 9.5% from 10.5%.
Need to prepare for greater economic uncertainty due to COVID-19 second wave: NITI Aayog VC
While acknowledging that the present situation has become far more difficult than it was in the past due to rising coronavirus infections, Mr Kumar remained hopeful that the country s economy will grow 11 per cent in the current fiscal ending March 31, 2022
PTI | April 18, 2021 | Updated 19:20 IST
Regarding growth in the current financial year, Mr Kumar said that various estimates suggest that it will be around 11 per cent
The country needs to prepare for greater uncertainty in terms of consumer as well as investor sentiments due to the second wave of coronavirus infections, and the government will respond with fiscal measures as and when required, Niti Aayog Vice Chairman Rajiv Kumar said today.