Economy to reach pre-Covid-levels by end of FY2022: Niti Aayog

TIL Desk/Business/New Delhi/ India’s economic growth is likely to reach pre-COVID-19 levels by the end of the 2021-22 fiscal as the GDP contraction in this financial year is expected to be less than 8 per cent, Niti Aayog vice chairman Rajiv Kumar said on Sunday.

The Reserve Bank of India (RBI) has also revised its forecast of economic growth for the current fiscal year (2020-21) to (-)7.5 per cent as against its earlier forecast of (-)9.5 per cent. “We should reach pre-COVID-19 levels at the end of fiscal year 2021-22 for sure,” Kumar told when asked about growth projection for the next financial year.

He added that the GDP contraction this fiscal is expected at less than 8 per cent. India’s economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand.