Dr. Niranjan Hiranandani, National President, NAREDCO said, “The GDP numbers for the first quarter of 2021-22 reflects a positive scenario; the second wave has cost India in terms of lives, but economic growth has not been affected to the extent expected. When we consider the high numbers of not just Covid-19 cases, but also the series of lockdowns which were imposed by different states over different timelines, there was the obvious feeling that like last year, the economic growth would be sluggish.”
“To a large extent, the RBI’s role in supporting growth in the Indian economy needs to be appreciated, as does moves by authorities which has positively impacted market sentiment. Last year it was about demand side needing more support, 2021 has been a year so far when both, demand and supply have largely, displayed positive trends,” he added.
“The vaccination drive has also had a positive impact; and hopefully, India will move towards speeding up the process, so that the economic growth story not just continues, but also grows. Extension of regulatory time lines has also played a major role in pushing economic growth. ON similar lines, one hopes that ‘ease of doing business’ will enhance, and in turn, help India’s economy post better numbers for the coming quarter and indeed, the remaining part of FY ’22,” he concluded.
NOTE: India’s federal fiscal deficit in April-July, the first four months of the fiscal year, stood at 3.21 trillion rupees ($43.98 billion), or 21.3% of the budgeted target for the whole year, government data showed on Tuesday. Net tax receipts were Rs 5.21 trillion while total expenditure was Rs 10.04 trillion. Fiscal deficit for 2020-21 was at 9.3 per cent of GDP, lower than 9.5 per cent estimated by the Finance Ministry in the revised Budget estimates.