NCAER director: India to grow by 10% during current fiscal

As per director of economic think-tank NCAER, Poonam Gupta, the Indian economy is expected to grow by 10 per cent during the financial year 2021-22.

Key Points

• This growth will pick up because of fewer COVID-19-linked supply disruptions, increased demand of contact-intensive disruptions & traditional services and buoyancy in the global economy.
• However, the real challenge would be to sustain a growth rate of 7-8 per cent in upcoming years.

About Poonam Gupta

Poonam Gupta is the first woman director general of NCAER. Before joining NCAER, she worked as the lead economist at the World Bank. She had also worked at the Reserve Bank of India Chair Professor at NIPFP as well as a Professor of Macroeconomics at ICRIER.

Background

Economic growth in India had surged to 20.1 per cent in April-June quarter of the current fiscal year, due to a low base in the previous fiscal year amid the second wave of COVID-19 pandemic. Gross domestic product (GDP) had also reduced by 24.4 per cent in corresponding April-June quarter of 2020-21.

RBI’s prediction

RBI expects the GDP growth to be 9.5 per cent in 2021-22. It predicts the growth rate of 21.4 per cent in the first quarter; 7.3 per cent in second, 6.3 per cent third and 6.1 per cent the fourth quarter of 2021-22.

National Council of Applied Economic Research

It is a non-profit think tank of economics, based in New Delhi. Nandan Nilekani is president this governing body. It was established in 1956 with financial support of Tata Sons, Ford Foundation and Finance Ministry. Foundation stone of NCAER campus was laid by Pandit Jawaharlal Nehru in October 1959.

Month: Current Affairs - September, 2021