The Self-Reliant India mantra has already succeeded in attracting billions of dollars of FDI, with much more in the pipeline. This rapid ramp-up in technological and manufacturing capacities is setting the stage for rapid growth in the years ahead.
Though the Covid-19 pandemic will cost India two years of growth, the increased digitisation of the economy and the slew of reforms undertaken by the Modi government will ensure that it overtakes Germany and Japan and crosses the $5-trn GDP mark over the next 7-8 years.
Data reveals that the country’s economy is turning the tide, the people must now demonstrate more awareness and take precautions to influence a huge push towards bringing down the infection rates.
Most major global agencies expect India to record steroid charged growth in 2021, albeit from a reduced base. The much-criticised measures by the government and the RBI to ensure that the country’s macro-economic indicators remain in good shape are now expected to pay rich dividends.
S&P Global Ratings on Tuesday revised India's real GDP growth to negative 7.7 per cent for the current financial year ending March 2021 from negative 9 per cent previously.
The better than expected second quarter GDP growth figures and the improvements seen in several economic indicators are giving analysts reason to be cautiously optimistic about the country’s future growth trajectory.
The contraction of the Indian economy eased off in the three months to September amid signs of a pick up in manufacturing, and economists expect a steady recovery next year if progress on coronavirus vaccines feeds consumer demand.
Indian auto, consumer durables, FMCG, steel and services sector companies are feeling cautiously optimistic about the future once again. They are stepping up fresh investments, handing out pay hikes and paying the government higher taxes in the form of GST.
Moody’s revises India’s 2020 GDP growth forecast to 10.6 per cent contraction from 11.5 per cent earlier
Moody's on Thursday raised India's gross domestic product (GDP) forecast for 2020 to 10.6 per cent contraction, from an 11.5 per cent contraction projected earlier. It also revised calendar year 2021's GDP upwards to 10.8 per cent compared to the earlier forecast of 10.6 per cent.
The normalisation of work from home is fuelling a reverse migration of white-collar professionals to small towns to beat high costs and pollution. This, coupled with rising farm incomes, is providing a fresh thrust to India’s growth trajectory.