Economy likely to contract up to 7.5% this fiscal, may see 9-11% growth in FY22: Former CEA Arvind Virmani

16Jan,2021

Economy likely to contract up to 7.5% this fiscal, may see 9-11% growth in FY22: Former CEA Arvind Virmani

The Indian economy is probably going to contract in the scope of 5-7.5 per cent this financial however will see a development of 9 to 11 per cent in FY 2021-22, previous boss monetary consultant Arvind Virmani said on Friday. Addressing a virtual occasion coordinated by industry body PHDCCI, Virmani said in the impending Budget, the public authority should think of strategies to quicken India's financial development.

"In the post-pandemic Budget, strategy changes (are) required for quickening India's monetary development…," he said adding that the economy is probably going to an agreement to 5 per cent to 7.5 per cent in FY2020-21 and grow 9-11 per cent in the following financial," he said. Tending to a virtual occasion coordinated by industry body PHDCCI, Virmani said in the impending Budget, the public authority should concoct approaches to quicken India's financial development.
Money Minister Nirmala Sitharaman will introduce her third Budget.

The Reserve Bank of India (RBI) has extended the Indian economy to contract 7.5 per cent in the current financial while the National Statistical Office (NSO) gauges the compression at 7.7 per cent.

Virmani further said that India can't become 'Aatmanirbhar' with the twentieth-century Direct Tax Code (DTC).