Indian economy is likely to contract 7.5 per cent in the current fiscal but will see a double-digit growth in 2021-22, former chief economic adviser Arvind Virmani said on Wednesday.
Addressing a virtual event organised by industry body PHDCCI, Virmani said the central government has come up with some noteworthy reforms, including Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC) and setting up of the Monetary Policy Committee (MPC).
“There is a need to re-accelerate the economic growth… Indian economy is likely to contract to 7.5 per cent in 2020-21. But it will grow in double-digit in the next fiscal year,” he said.
Virmani lamented that in 2009, he had written that pending reforms must continue if India wants sustained economic growth but that his advise was not followed.
Source: Financial Express
