India's Economy Poised for Sustained 7% Growth: NITI Aayog's Virmani
Arvind Virmani, a member of NITI Aayog, predicts that India's economy will grow at around 7% in the current fiscal year and maintain this rate for several years. Despite challenges such as reduced private consumption and a decline in FDI, he remains optimistic about future growth.
![India's Economy Poised for Sustained 7% Growth: NITI Aayog's Virmani](https://devdiscourse.blob.core.windows.net/imagegallery/29_02_2020_19_16_04_3385426.jpg)
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- India
In a recent interview, Arvind Virmani, a member of NITI Aayog, projected that the Indian economy is set to grow around 7% during the current fiscal year and maintain this growth trajectory for years to come.
Virmani acknowledged several challenges, including a temporary dip in private consumption expenditures due to the pandemic, but noted that the situation is improving. He highlighted the need to rebuild savings as a factor influencing consumption patterns.
Addressing the decline in FDI, Virmani stated that higher return rates in developed markets are a contributing factor. However, he expressed optimism that FDI into India would rise once interest rates in the US begin to fall.
(With inputs from agencies.)
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