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Tuesday, December 7, 2021
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India on way to becoming fastest growing economy in world: says Finance Ministry report

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India is on its path to becoming the world’s fastest-growing major economy, thanks to macro and local development drivers.

Rapid vaccination and packed festivals, according to the ministry’s monthly Economic Review, will drive India’s current recovery, decreasing demand-supply imbalances and increasing job prospects.

Role of The Aatmanirbhar Bharat Mission

The Aatmanirbhar Bharat Mission, which encompasses fundamental structural reforms, continues to play an important role in defining India’s economic recovery, both by signaling business opportunities and expanding spending channels.

What is India’s investment cycle up to?

“With the key macro and micro development drivers in place, India’s investment cycle is poised to begin and catalyze its recovery toward becoming the world’s fastest-growing economy,” according to the report.

According to the Economic Survey 2020-21, which was released in January this year, GDP growth for the current fiscal year ending March 2022 is expected to be 11%.

What will be the growth?

As per the survey, growth will be aided by supply-side reforms and regulatory ease, as well as a push for infrastructural investments, a boost to the manufacturing sector through Production-Linked Incentive (PLI) schemes, a recovery of pent-up demand, a rise in discretionary consumption following vaccine rollouts, and a pick-up in credit due to ample liquidity and low-interest rates.

Also read: PM MODI: VEHICLE SCRAPPAGE POLICY WILL BOOST CIRCULAR ECONOMY

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