Expressing confidence over India’s economic growth, Niti Aayog Vice Chairman Rajiv Kumar said that growth would be in positive territory in the second half of this fiscal (H2FY21), and will do even better than a large part of the world in 2021-22. Though, he also expressed concerns about the uncertainly over the pandemic, which has kept the economy sluggish.
Accepting that there may not be green shoots in the economy at present, he said there are some stems that are very much visible like rising freight, power demand, farm production and other numbers. He admitted that the Indian economy would see a contraction in July-September, but opined that the decline must be slow. He added that there will be positive growth in the second half this fiscal.
Kumar said the structural reforms will help India achieve positive growth in the second of this fiscal and improve further in the next fiscal. He noted that ‘We should not be de-motivated by our negative GDP growth. There are many measures (packages) in the pipeline’. He also clarified that India's move towards self-reliance does not mean isolation from the global economy.
Niti Aayog Vice Chairman also said India wants level playing field for its entrepreneurs so that exports can be increased. About facilitating global companies to reduce their production concentration in one country and invest in India to set up export-oriented manufacturing facilities, he informed that the government has already introduced production linked incentive scheme for such players.