New Delhi: Former Chief Economic Advisor Arvind Virmani has said that the Indian economy is expected to register a growth of 9.5 per cent in the current financial year.
Mr. Virmani while addressing a virtual event organised by PHD Chamber of Commerce and Industry (PHDCCI) said that the government expenditure and exports have peaked, but till now the private consumption has not recovered due to the COVID – 19 pandemic.
“The current financial year’s growth will be higher and closer to 9.5 per cent. And this decade’s (FY21- FY30) average growth will be 7.5 per cent plus or minus 0.5 per cent, he said.
Meanwhile, the RBI has lowered the growth projection for the current financial year to 9.5 per cent, while the International Monetary Fund (IMF) has projected a growth of 9.5 per cent in 2021 and 8.5 per cent in 2022.
Mr. Virmani stressed that the Micro Small and Medium Enterprises (MSME) are critical for inclusive growth and that modern MSMEs should have complete opportunities to compete with the corporate sector.