: Niti Aayog vice chairman predicts double-digit growth for India’s economy in this fiscal #IndiaNEWS Niti Aayog Vice Chairman Rajiv Kumar predicted that India will register double-digit growth in

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Niti Aayog vice chairman predicts double-digit growth for India’s economy in this fiscal #IndiaNEWS
Niti Aayog Vice Chairman Rajiv Kumar predicted that India will register double-digit growth in the current financial year 2021-’22, PTI reported on Sunday. Kumar said that economic activities are expected to gain strength in the second half of the current fiscal as the country recovers from the Covid-19 pandemic. Though several economic organisations, including the Reserve Bank of India, have revised their growth projections for India to under 10% in the past couple of months, Kumar expressed confidence that they will have to alter their predictions again.On June 4, the Reserve Bank of India revised its estimates for 2021-’22 to 9.5% from the previous forecast of 10.5%. The central bank’s Governor Shaktikanta Das said the sudden rise in Covid-19 infections and fatalities in the second wave of the pandemic had “impaired the nascent economic recovery� that was underway.Since then, at least two ratings agencies have made similar predictions. In the last week of June, S&P Global Ratings lowered India’s growth forecast for 2021-2022 to 9.5% from the earlier projected 11%. Moody’s Investors Service has also revised the growth forecast for India to 9.6% from the earlier estimate of 13.9%. The World Bank cut its growth projection to 8.3% from the estimated 10.1% in April. India’s Gross Domestic Product contracted by an...Read more

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