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.

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.)