Indian economy has recovered 'handsomely' from pandemic-induced disruptions, says ex-NITI Ayog VC Arvind Panagariya

Panagariya suggested that the government must now signal its intention to wind down the fiscal deficit by cutting it by a half-to-one percentage point in 2022-23

Press Trust of India January 25, 2022 19:36:22 IST
Indian economy has recovered 'handsomely' from pandemic-induced disruptions, says ex-NITI Ayog VC Arvind Panagariya

File image of Arvind Panagariya.Twitter/@APanagariya

New Delhi: The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former NITI Aayog Vice-Chairman Arvind Panagariya said on Tuesday while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored.

Panagariya suggested that the government must now signal its intention to wind down the fiscal deficit by cutting it by a half-to-one percentage point in 2022-23.

 "The Indian economy has recovered handsomely, returning to its pre-COVID GDP. Only private consumption is still below its pre-COVID-19 level,” the eminent economist told PTI in an interview.

While an advanced estimate by the Ministry of Statistics & Programme Implementation (MoSPI) places India’s GDP growth in 2021-22, at 9.2 per cent, Panagariya said this is higher than any other country this past year and the recovery has also been across-the-board.

The economy, which was significantly hit by the pandemic, had contracted 7.3 per cent in the last fiscal.

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