2/11/2020 indian economic growth: India's economic growth set to bounce back as slump bottoms out: Govt adviser

ottoms out: Govt adviser - The Economic Times

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India's economic growth set to bounce back Most Read Most Shared

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Principal economic adviser Sanjeev Sanyal said economic growth was set to accelerate to
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6% in the financial year beginning in April, compared with estimated growth of 5% in the
current one. But many private economists are less optimistic, saying the current downturn Companies fear China holiday extension, supply
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back after slipping to a more than six-year low
of 4.5% in the July-September quarter as the
government has taken measures to prop up Top Trending News
investments and consumer demand, a top
government adviser said. "Corporate tax Delhi Election Result 2020 China Virus LIVE Updates

reductions, the Insolvency and Bankruptcy Economy News Defence News Morning News
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Code and the banking sector reforms have
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helped and will help propel growth further,"
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Sanjeev Sanyal, principal economic adviser at
Sanyal said the b udget has offered a clutch of tax
the finance ministry, told Reuters.
incentives for sovereign wealth and insurance funds,
which would leave more b anking funds for private
companies despite higher state b orrowings.
The Insolvency and Bankruptcy Code,
introduced in May 2016, has helped banks to
recover billions of dollars stuck in outstanding
corporate loans and offer loans to new
borrowers.

Sanyal said economic growth was set to accelerate to 6% in the financial year beginning in
April, compared with estimated growth of 5.0% in the current one.

But many private economists are less optimistic, saying the current downturn may continue for
the next few quarters due to a dip in private investments and tepid consumer demand.

Nomura said Asia's third-largest economy will see a sub-par recovery, and forecast 4.7%
GDP growth for the current fiscal year and 5.7% for the next fiscal year.

Sanyal dismissed the conservative estimates and said his numbers took into account early
signs of recovery in manufacturing and a pick-up in consumer demand.

He said the government expected that average consumer price inflation would fall to 4% in the
next financial year beginning April, after a recent spike driven largely by food prices.

There is enough space for the central bank to further cut interest rates, however, as inflation
was likely to ease following a fall in vegetable prices, he said.

"While there was a slowdown, this slowdown has by and large now bottomed out, and if
anything from here on growth is going to go up " Sanyal said
https://economictimes.indiatimes.com/news/economy/indicators/indias-economic-growth-set-to-bounce-back-as-slump-bottoms-out-govt-adviser/articleshow/740… 1/3
2/11/2020 indian economic growth: India's economic growth set to bounce back as slump bottoms out: Govt adviser - The Economic Times
anything from here on, growth is going to go up, Sanyal said.

Finance Minister Nirmala Sitharaman, who tabled her annual budget earlier this month, told
parliament on Tuesday that the signs of "green shoots were visible" and the economy was no
longer in trouble.

The Reserve Bank of India last week kept it policy rates steady but downwardly revised the
country's growth forecast for the first half of the next fiscal year to 5.5-6.0% from an earlier
projection of 5.9%-6.3%.

Sanyal said the budget has offered a clutch of tax incentives for sovereign wealth and
insurance funds, which would leave more banking funds for private companies despite higher
state borrowings.

Other than the coronavirus outbreak in China, there is no "major other disruption," to India, he
said adding it was difficult to quantify the impact as the situation was still evolving.

Read more on Indian Economic Grow th China Reserve Bank Of India Nirmala Sitharaman

Coronavirus Sanjeev Sanyal Nomura

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