From the World Bank to the IMF and the Ministry of Finance of India are speaking in very precise voice on an issue that India’s economy will join the fastest running economies in the world in the next year. Meanwhile, now the International Economic Analysis Organization NOMURA has also said that the Indian economy will run at the fastest i.e. the GDP rate of around 9.9 in 2021 which is another pleasant sign for the Indian economy. Whereas China’s GDP and GDP of countries like Singapore can remain around 7.5 percent.
Sonal Verma, managing director of Nomura in Outlook, wrote, “We can estimate GDP reforms with a GDP growth of -7% in 2020 that the GDP rate will be -1.2 in the first quarter of FY2021, which in the second quarter The explosion will go up to 32.4 per cent. In the third quarter, this rate will go up by about 10 per cent and in the fourth quarter it will go up to 4.6 per cent. This will lead to an average estimate that Indian GDP will grow at around 9.9 per cent in 2021. ” Which would be awesome.
Prior to Nomura, the International Monetary Fund predicted that the Indian economy would grow at a GDP rate of 8.8 percent and thus become the fastest growing major economy in the world. On the other hand, China is expected to grow 8.2 percent. The Indian Ministry of Finance has also said that even though India is growing at a negative rate in the current year, it will be the fastest growing economy in the next year as many sectors are doing very well.
Union Finance Minister Nirmala Sitharaman also said on October 27, “Even though GDP is looking negative or near zero at the moment, India will clearly be one of the fastest economies next year. There are also indications As the primary sector, agriculture related sectors, and rural India are slowly improving GDP. “India has changed its economic policies amid the global epidemic and is now working on a self-reliant India policy. Huh. Under this, the Modi government is emphasizing on privatization and liberalization. In addition, foreign companies will be treated in the same way that the government treats Indian companies. Also countries like China will not be allowed to run a huge trade deficit.
Apart from this, for the first time, the Modi government of the Center has decided to encourage the manufacturing sector under the Production Lind Incentive (PLI) scheme. This is a significant change from the government, which until now was only used to subsidize and encourage agriculture. With the Modi government’s policies and reforms made in the last few years, the Indian economy will definitely become the world’s fastest growing economy in the next few years, which is also projected by the Global Economic Organization.