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Need confidence for revival in services economy, as it forms 50% of GDP
Fiscal prudence by FM means long-term scars of Covid-19 will be much less
India s economy has shown resilience in the face of the Covid crisis. Swaminathan Aiyar believes this show of strength can add even more muscle, if the vaccine rollout gets off the ground faster, both in India and across-the-world. For Swami, the real panacea for firing up growth is a quick mass vaccination drive. That, followed by a spending spree has the ability to transform India s growth numbers in 2021, he said.
This can be led by India s services sector in 2021, which he thinks should return to normalcy, much faster than in the West . Services add about 50% to India s GDP. Subsequently, he believes an efficient and swift rollout of vaccination is the key to revive growth in the services sector.