The Chairman of the Economic Advisory Council to Prime Minister Bibek Debroy has said India’s Gross Domestic Product (GDP) which is hovering around 5 percent is expected to inch up to 7 percent in the next financial year (FY21). Debroy said ‘I see India breaking out of 6 percent GDP and inching upwards gradually, but not overnight, to 7 percent or thereabouts.’
Debroy further said he expects GDP numbers at the end of the current fiscal year (FY20) to be around 6 percent. He also said one should not get swayed by the quarter-on-quarter GDP numbers and dismissed the clamour around 5 percent growth registered in the first quarter of FY20.
He pointed out that second-quarter growth will not be better than the first quarter. Besides, he mentioned that India needs to focus on decentralization not only from the Union government to state government but within states. He feels decentralization will drive growth at the level of the districts adding growth upwards to the states.