Indian economy’s fundamentals strong; private investment picking up: Panagariya

TIL Desk/Business/New Delhi/ The fundamentals of the Indian economy are sound as the real GDP in Q3 and Q4 of FY’21 already crossed the pre-pandemic level, former Niti Aayog vice-chairman Arvind Panagariya said on Sunday.

Panagariya, in an interview, however also emphasised that the country needs to conquer Covid-19 as quickly and decisively as possible.

“Here the news on vaccination front is excellent. I only wish that we as citizens do our bit and religiously wear masks when coming in contact with others,” he said.

“In the third as well as fourth quarter of 2020-21, real GDP had already crossed pre-Covid-19 level… these facts tell me that the fundamentals of the economy are sound,” he said.

Meanwhile, the Indian economy grew by a record 20.1 per cent in the April-June quarter this fiscal, helped by a very weak base of last year and a sharp rebound in the manufacturing and services sectors in spite of a devastating second wave of Covid-19.