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The V-shaped recovery and quarterly growth patterns show that the economy's fundamentals are strong

India’s economic outlook has set it apart from the rest of the world, not only in terms of government reforms but also in terms of discovering opportunities in the face of crisis, Chief Economic Advisor K Subramanian said. He assured that this will be India’s decade of inclusive growth.

Chief Economic Advisor Krishnamurthy Venkata Subramanian, is confident in India’s economic potential and stated that he expects India’s GDP to grow near 7% this decade.

“Mark my words, this decade will be India’s record of inclusive growth, with the growth of 6.5 to 7% in FY 23 and then accelerating further as the impact of these reforms is seen,” Subramanian said during the fourth leadership summit of the US India Strategic and Partnership Forum (USISPF).

“Even before the pandemic, I believe the economy’s foundations were robust. Only the financial issues remained,” he noted.

“The V-shaped recovery and quarterly growth patterns show that the economy’s fundamentals are strong. Looking ahead, the reforms and supply-side policies that we’ve implemented would permit “actually robust growth not just this year but also in the future,” according to the Indian economist.

Subramanian, who expects India to expand by double digits this year, claims that, in the long run, India is the only country that has implemented so many structural reforms in the last 18 to 20 months.

“India has truly stepped out from the rest of the world in terms of economic thinking, not only in terms of the changes that have been implemented, but also in terms of turning the crisis into an opportunity,” he said.

Subramanian noted that, unlike every other economy, India is the only one that has implemented both supply and demand-side measures. According to him, India’s post-Covid-19 economy will be considerably different from the economy before Covid-19.