Indian economy is expected to grow by more than 10 per cent in the current fiscal supported by a record kharif crop and bright rabi prospects, Niti Aayog Vice-Chairman Rajiv Kumar has said.
Kumar, however, cautioned that inflation is emerging as a key risk to sustainable global economic recovery with supply chain constraints and rising energy prices.
“We expect India’s real GDP growth in FY22 to exceed 10 per cent supported by a record kharif crop and bright rabi prospects. This will boost rural demand and spur the revival in the manufacturing sector with improving capacity utilisation,” he wrote in Niti Aayog’s newsletter ‘arthNITI’.
According to Kumar, significant increase in exports will also boost economic growth and employment generation. “Gradual pickup in contact-intensive services sector is further likely to support the growth momentum. India achieved the landmark milestone of administering 1 billion Covid-19 vaccine doses on 21 October, he said. The Niti Aayog Vice-Chairman also noted that the rapid vaccination drive across the country will ensure that the risk of future wave is minimised.