India needs a growth rate of 8-10 per cent to reach the epidemic level

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New Delhi, 30 July 2021 Friday

Some high frequency indicators have reached the previous level of the epidemic and if the Indian economy grows in the range of 8 to 10 per cent, it could reach the previous level of the epidemic, experts said. The Reserve Bank of India expects the economy to grow at 7.5 per cent in the current financial year.

The International Monetary Fund (IMF) on Wednesday slashed India's GDP growth forecast for FY 205 to 6.5 per cent from 18.5 per cent. At this rate, the Indian economy will be able to reach pre-epidemic levels.

Chief Economic Adviser Krishnamurthy Subramaniam said that the GDP growth rate in the current financial year will not be significantly lower than the projected growth rate of 10.6 per cent.

"At this rate, India will be able to make up for the loss in GDP during FY21. The extent to which there will be a permanent loss in production is a moot point, ”said Soumya Kanti Ghosh, group chief economic adviser at State Bank of India.

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